Ann: AGM Presentation , page-11

I found the agm quite uplifting.

Page 11 of Tim's report sums the future up for me:

Working all 3 benches we are looking at between of 324 and 720 million barrels of recoverable oil - the difference being the number wells we drill.

Expressed another way - once fully onstream - at say 80bbls of oil per well per day we are looking at between 6.3 and 14 million bbls of oil per day - over 51 years.

Further positives - as we learn more about the oilfield, drilling costs will fall, and could well be financed from cash flow - with some borrowings, leaving equity position undiluted by this growth. Have ignored gas from this scenario - but sales of it will pay for a few wells.

Main risks are oil price related.

btw - the disappointing Fiesta well will still be developed as it will be cash flow positive to do so.

Another thought - big difference from previous years was the substantial number of MPO staff who know alot about oil and gas drilling and production - MPO really has transformed this past year as the presentations show.