valuation upside , page-14

Raauul

I think this is what you are referring to.... from previous Beibu block partner Petsec energy

http://clients2.weblink.com.au/clients/petsec/article.asp?asx=PSA&view=2622035 .... page 5


"CNOOC has elected to acquire the maximum allowable back-in interest of 51% of the development and has been
made the designated operator. Consideration to the JV for CNOOC’s acquisition is the recovery of past exploration
and pre-development costs which is of the order of US$110 million (Petsec US$27.5 million), from CNOOC’s future
cashflow from the project."

cheers

Dan