K1 Report

I would recommend reading the K1Capital report. It has a number of nuggets of interesting information or new interpretations of data. The following is a good example. RLE suggest there may be a recovery rate of 40% of the 13761BCF in place to reserves in ultimate full field development. ie 5483(ex RLE) recoverable. K1 suggest we might be looking at double that!

"8.3 Contingent resource to reserves conversion
Real Energy’s Windorah gas project is at a relatively early stage of appraisal, with independently
assessed contingent resources but no reserves.
We are not aware of Australian industry data regarding conversion rates for BCG resources to reserves.
However, data for Australia’s CSG industry, another unconventional resource, indicates long term
conversion of ~80% of 2C resources to 2P reserves. Publicly available data for APLNG and GLNG CSG
projects demonstrates similar conversion rates and similar conversion profiles over time, as shown
below. Conversion rates are expressed as (Production+2P reserves) / (Production + 2P reserves + 2C
resources). The quantity of production+2P+2C has remained relatively constant for each project for
the past five years."