expectation, page-13

G'Day PaulGlen

This of course excludes tonight's announcement!

Calcs for Gindara (Coron North) & Butanding go like this;

Gindara (From Slide 25 of 38 of 2007 AGM Presentation); estimated 3P reserves; 450 mmstb, use 30% recovery rate as rule of thumb gives around 135 mmstb recoverable @ current net to NDO (using Galoc as proxy) AU $108

135 Million x 108 x 60% = AU$8.7 Billion divide by around 1.1 Billion shares (and options) = AU $7.95 PS

Butanding (From Nido presentation April 2008); estimated 3P reserves; 900 mmstb, use 30% recovery rate as rule of thumb gives around 270 mmstb recoverable @ current net to NDO (using Galoc as proxy) AU $108

270 Million x 108 x 60% = AU$17.4 Billion divide by around 1.1 Billion shares (and options) = AU $15.90 PS

$7.95 + $15.90 very roughly $20.00

Assuming successful drilling, recovery, oil price etc etc etc

This also ignores all of the other NDO plays just waiting to be drilled

I reckon we're sitting on a winner!!

Any feedback welcome

Do you own research

Cheers