Tamarind substantial holder in NWE, page-14

Alexi

The 160 Million barrel target was the pre-drill estimate. This comprised oil from 3 reservoir sequences, Dongara, IRCM and High Cliff. This is seen on page 9 of the September 2017 presentation.

At Xanadu-1, the Dongara was absent and the High Cliff indicated no hydrocarbon shows, thus dry (or water wet). As per September 25 press announcement.

On that basis, with the IRCM being the only viable oil shows at Xanadu-1, the target P50 outcome is stated at 88 million bbls. TEG has a 30% JV share of that target.

To date the well has not been flow tested, with wireline samples only being recovered. Flow testing would be needed to establish a reservoir, IMHO.

You are correct on the use of gravity as an early stage exploration tool. Geos sometimes get fascinated by seismic, when a simple gravity survey can unearth some real gems. Gippsland is a great example of this.

AL