Financial Data and Key Metrics Changes - Sales revenue for the quarter was $18.3 million, with production maintained at 25 terajoules per day, totaling 2.3 petajoules [9][11] - Realized prices for gas and condensate decreased due to US-denominated contracts and foreign exchange impacts [9] - Available liquidity includes cash of $51.6 million and undrawn debt of $76 million [11] Business Line Data and Key Metrics Changes - Development expenditure for the South Eregala peaking power plant was $21 million, with a compression project costing $1.7 million expected to be online in January [10][11] - The integrated power solution at South Eregala is progressing well, with a target to go live by October 1, 2026 [6][30] Market Data and Key Metrics Changes - The company is positioned to address a looming gas gap in the Western Australia energy market, with opportunities for gas-fired power generation [20] - The government has endorsed the need for additional gas supply, indicating a favorable environment for the company's operations [19][20] Company Strategy and Development Direction - The strategic placement of $88 million by Carnarvon aims to support the development of key projects, including West Eregala and South Eregala [8][15] - The company plans to become the first fully integrated gas-to-power provider in Australia, unlocking higher margin opportunities [21] - Focus areas include finalizing the West Eregala project, expanding South Eregala, and commencing exploration at Ocean Hill [16][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting the October 1, 2026 deadline for capacity credits, with ongoing discussions with Western Power to finalize costs [30][32] - The company is committed to ensuring that development projects are fully funded before proceeding with exploration activities [33][66] Other Important Information - The company has received $51.6 million from the first tranche of funding, which is crucial for ongoing projects [11][62] - The strategic review highlighted the need for additional funding to support the company's growth and operational plans [60][62] Q&A Session Summary Question: What are the cost increases behind the Western Power costs? - There has been a 10% increase in directly controllable costs, with ongoing discussions with Western Power to clarify total integration costs [24][25] Question: Are there any delays to the project? - The first engines are scheduled to arrive in September, and the company remains confident in meeting the October 1, 2026 deadline [30] Question: What options are available to defer payment for the Western Power portion? - Discussions with Western Power are ongoing regarding potential joint funding and tariff recovery options [31][32] Question: Why is the drilling for Ocean Hill two only planned for the latter part of next year? - The company aims to ensure revenue from South Eregala is secured before proceeding with Ocean Hill drilling [33] Question: What is the expected field decline profile for Wollering? - If additional gas is not found, the company can purchase gas on the market to meet contractual obligations [45] Question: What is the current status of the West Eregala JV? - The company is working with its joint venture partner to finalize steps required to reach FID in the second half of next year [54][58]