Ann: Gora Concession - Operational and Financial Update, page-152

I've actually taken another look at the Hartshead document.

roughly 620bcf opportunity, of which 310 would be considered 2C and and the other 310 would be considered 2P.

70% recovery would have them at 215bcf each. for those not familiar - BCF is billion cubic feet - so we could have 430 billion cubic feet. 1 barrel is equivalent to about 5800BCF.

This would mean we could have circa 74 million barrels of oil. Oil is around $40/barrel at the moment which is $3billion of oil... To be fair, the presentation has oil at $US6.9 per barrel - $US500million of oil - still fantastic.

Consider only 21% holding of Hartshead (directors are the same directors of ANA so i think it will end up being 100%)... 21% is $107m - even half it to be conservative with figures... $53m is 5x MC of ANA currently - so there is no way the opportunity is priced in, understandably as it's down to whether or not they are successful.

I am not an Oil & Gas expert, so I may have misinterpreted the information in my research.But the above is why I've taken an educated gamble on ANA.