agm-a bright future, page-16

With M5 online thought might be worthwhile looking at my nos again.

Q1- 991mmcfe at $4.28 ($3.69 Ng and 49c oil)-net $4.2m


Q2. At time of AGM Marathon had risen from 120mmcfe to 150 mmcfed.Prices were uneven and rose to $4.60 at one point but have allowed an average of around $4 and oil 60c.

Prod may be as high as 1050MMcfe due to Marathon at 150mmcfe.

Rev between $4.7 to $5m for 1/4.

(Next week will tell whether my forward figures pan out)

Q3. Ng price plus oil average around $3.60 plus 60c-$4.20.It may in fact be 30c or so higher due to hedging of Ng at $4 (from memory) for 1bcf.

Prod at 1050 for rev of $4.4m

Q4. Ng price stable at $3.60 plus 60c-$4.20.
Prod increase due to Marathon 5- 1120 (The 1120 would also be dependent on capacity in pipeline to around 170 per day prior to capacity increase to 200 in early 2014).

Rev of $4.7m.

Overall after 6m history , IF NO SLIPPAGE (big if),then prod around 4.1bcf at an average price of around $4.41 inclusive of condensate and hedging (2012 was $3.50 inclusive of ng and oil).

2013- Net rev of $18.1m-If this pans out takes us back to approx 2010 levels where the share price fluctuated from 31 to 16 amidst the debt issues and beibu delay etc. A much cleaner co today in many ways.

( Psa's Est was for rev of $12m and 2.9 bcf.)

So like many in sector it is cheap again and the 1/4 prod graph is moving in right way.Just need a few to listen.