ABW - Reinstatement to Official Quotation, page-2

The ordinary shares of the Company have continued to trade infrequently on the NYSE (AZZEF:US). As at 11 September 2015, AZZEF:US were trading at USD $0.30,(outstanding shares of 240M) implies USD 72m (approximately AUD $50m) of equity value above convertible note value. The value of AZZEF:US has subsequently declined to USD $0.15 as at 31 December 2015 which implies $10m equity value above convertible note value. However, AZZEF:US appears to be quite volatile as the price on 2 March 2016 was USD $0.35. In normal circumstances, the convertible note would be priced according to the head stock, but in circumstances where there is large volatility and on thinly traded securities on both the NYSE and ASX exchanges , more discretion can be applied. It is Aurora’s view that there is no valid reason to discount the
Antares Energy Limited Convertible Notes in line with the head stock movements of the NYSE.;

Aurora engaged an external valuer (South Texas Reservoir Alliance; http:www.stxra.com) to perform an independent valuation of Northern Star and Big Star which indicated:

the range of valuations to be within the ranges USD$1,020 to USD$3,699 per acre, which equates to USD$21.42m to USD$77.68m (AUD$30.5m to AUD$110.34). This range is based on recent sales in the area.

the ‘probable’ range of valuations to be within the ranges USD$2,000 to USD$3,000 per acre, which equates to USD$42m to USD$63m (AUD$59.6m to AUD$89.5m). This range is based on what South Texas Reservoir Alliance believes the Company can sell the asset for in the current market conditions.