alan fanton and lngn, page-8

STO presentation and announcement on Kogas

GLNG 2P 2010 Estimated = 5005PJ
This is an increase of 25% over the 2009 Actual 2P of 4003PJ

STO sold 15% for A$665M
0.15 x 5005PJ = 751PJ
Price per PJ = 665/751 = $0.885M/PJ or 88.5c/GJ
Not dissimilar from other metrics

ESG JV share 2P is 988PJ x Uplift 25% during 2010 = 1235PJ (E) (Uplift could be > 25%)
STO share ($0.885M x 1235) x 35/65 = $589M

STO have about 20% of about 1023M shares
or about 204.6M shares
They would want a 1mth VWAP40% premium too I suppose
So $0.79 x 1.40 = $1.11
204.6M x $1.11 = $227M


Gas Share = $589M
ESG Equity = $227M
Total = $816M (About $800M)


Just my ball park estimate. As has been pointed out before what part of the $665M Kogas paid is for "what" is not known to us.

The Narrabri JV reserves uplift achieved in 2010 will be important. I have just used the 25% STO achieved - the JV may achieve more.



Cheers