value of the johnstone prospect, page-6

entirely correct. Realistically the intial dilution is c. 400m shares given the options and DBZ facility being in play and this will increase.

After this what needs to be taken into consideration is that 320MMbls is the UOIIP, not the recoverable. When applying say a 25-30% recovery rate of the P10 level it's safer to assume that 100mmbls will be the net recoverable resource. On top of this the transportation cost needs to be factored in which has been previously supplied.

The figures of $8.00 comes within range - however more detailed analysis indicates a $7.00 p/s value based on $40bbl.

That said - Notional as it is, these values can only be used to apply an asset value, not shareprice performance. Shareprice performance will be based on production rates which are yet to be known. The asset value proves beneficial in other areas.

tas - hunt rig 2 has the ability to drill to depths of 2500-3000m pending the drill pipe diameter. Even though it's decades old and nowhere near comparable to the performance of newer rigs (its unfair to do so), its still suitable for the job and drilling to 700m would be a walk in the park.

Conix I get the feeling you're a retired geo that focused more in the metals sub-sector given previous comments you have made, and not specifically a petroleum geo. Is this correct?