There is clearly some concern about the oil quantities quoted in...

There is clearly some concern about the oil quantities quoted in AGL's market release,,, and from where it was derived..!

In any such deal,, AGL has a responsability to its own shareholders, to quote only figures which have official verification, and not use any speculative estimates..

The figures in AGL's market release, are expressed as their share percentage of " mean recoverable" oil,,, and are not OIP [ oil in place].

They have been derived from the original independent consultants reserve findings, which was a colaberative report from Mc Gee & Associates,, Colebrook Petroleum Pty. Ltd., and Irrang Reservoir Management Pty. Ltd.

This reserves report covers only the areas of the " then known Flax and Juniper fields ",, which does not include the " Saddle ",,in between the original two fields, into which Flax East-1 was drilled..!

The consultants used the assumptions of an average oil column height of 11 metres,, extrapolated over the then known areas, giving an OIP for Juniper field of 65.8 mmstb,,, and 19.8 mmstb for the Flax field..
Mean recoverable estimales were based on conservitave percentages of 20% for the Tirrawarra Sandstone,, and 15% for the Patchawarra Sandstone reservoirs..!!

AGL's percentage of mean recoverable oil estimates contained in their market release,,, make no allowance for any potential oil reserves contained within the " Saddle" [ area between the two originally discovered fields ]..

The Saddle is now not referred to as such, but comes under the overall classification of The Juniper Field..!