all paths lead to confrontation with santos, page-13

Just on that for those interested I've been playing around with a few numbers for a reserves upgrade, to try and come to a reasonable valuation of the resource in situ.

I'm using $0.66GJ, which is what I believe the market is currently valuing BOW's 2P reserves at (for end of year target upgrade)for mid-range and AOE $0.90GJ for upper range.

Assuming JV 2P Reserves Double
ESGs interest 1976PJ
Mid-range $1.27 - Upper range $1.74

Assuming JV2P Reserves Triple
ESGs interest 2964PJ
Mid-range $1.91 - Upper range $2.61

No value for Certified Resources although can include this if interested.

I note AOE managed to almost triple its 2P reserves between Dec 07 and June08 (six months) so its not an impossible task. Although I must admit I've got NO IDEA as to what ESG might be looking at.

JT