Value of Kingia and High Cliff Reserves, page-21

PSI and persistentone

AWE has typically defined its reserves on an annual basis with it annual accounts. This has been the case over the past decade.

The definition of 2C resources here and on other projects has occurred to satisfy the continuous disclosure requirements, particularly when material discoveries have been made. i.e. Waitsia.

I suggest you be patient and wait till August and the numbers will be revealed, after all the work is completed.

On the matter of 2C resources not being valued, I can recall a lift in share value on a few occasions for AWE when gas resource numbers were released to ASX. Waitsia and Arrowsmith are two I can recall. On that fact, I don't share the view that the market does not value 2C numbers.

On another front, I didn't like the rhetoric from STO on the Indonesian project. It looks to me that they are getting cold feet after paying a big price to acquire the interest fro AWE.

Cheers, Al