rough valuation, page-22

trader,

I did some trial calcs based on the published programme (but having to assume that all acreages are drilled progressively) and my figure came out at about that (5,000 boepd) for the average for the year (not exit).

I do keep harping on about Weston but Euroz did publish a table of cumulative production (from TRRC) and its 10.6 month average was a bit over 750boepd. And that's from 3,000ft in the Austin Chalk. Kennedy is not a representative well because TCEI was cutting its teeth on fraccing (or attempting to) and, in any case, it was only 3,600 ft from memory and possibly only a couple of thousand feet was salvaged. Easley hit problems and the first 2 Turnbulls had issues.

The newer ones have a shorter production history.

Morgan (7.1 months) is 1,031 and Rancho (6.5 months) is 1,060.

Easley, Turnbull 1 and Turnbull 2 are not looking good (560, 499 and 485).

Turnbull 3 (3.6 months) is 1,081.

The rest are for shorter periods and on restricted choke.

You'd expect figures in a prospectus to be conservative.