Ann: Variation to Quay remittance - October, page-13

It does look much better. I have always liked the fact that they have a proven quantity of oil at Gwydion, the previous 1995 BHP discovery. Idris is the main event with in excess 100mmbls potentially, but circa 5mmbls at Gwydion is handy at $80 pb. Even a net return of $20 pb is $100 mil from Gwydion alone. Considering the market cap is one tenth of this the upside is enormous.

From the annual report:

“As it relates to other initiatives, and as mentioned above, the company could apply for a production license or a retention lease over the pre-existing Gwydion oil discovery in WA-424-P as a fall back strategy should a proposed drilling of Idris not occur or prove unsuccessful”.