AKK
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0.00% 0.3¢ austin exploration limited

Assumptions Year 1 2 3 4 5 6 7 8 9 Gas Price (MCF) 7.40 7.40...

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    20/05/08
    14:31
    Post #: 3739708
    Assumptions
    Year 1 2 3 4 5 6 7 8 9
    Gas Price (MCF) 7.40 7.40 7.40 7.40 7.40 7.40 7.40 7.40 7.40
    ATMOS Fixed Fee (MCF) 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20

    New Albany Shale spudded per year 25 25 25 25
    Fort Payne well spudded per year 25 25 25 25
    Total wells spudded per year 50 50 50 50

    Royalties
    Landowner - Royalties 12.500%
    Partner A - Royalties 15.500%
    Partner B - Royalties 0.000%
    Partner C - Royalties 0.000%
    Carried Interest 0.000%

    Turnkey Drilling Cost per Well 150,000 150,000 150,000 150,000

    Valuation Shares
    CashFlows 156,009,480 Ords 56.9
    Discount Rate 10% Other 77.9
    Present Value of CashFlows 105,832,835
    Number of AKK Shares (millions) 134.8 Total 134.8

    Present Value per AKK Share 0.79
    AKK Share Price pre-announcement 0.22
    Total AKK Share Price 1.01


    CashFlow Analysis (USD$)
    Year EUR 1 2 3 4 5 6 7 8 9

    ANNUAL RATE
    New Albany Shale
    Total Production (mmcf) 31,430 5,025 6,035 6,528 6,995 2,413 1,823 1,330 863 420

    Fort Payne
    Total Production (mmcf) 50,000 3,300 5,850 7,950 9,750 8,000 6,650 4,550 2,750 1,200
    Austin Total Production (mmcf) 81,430 8,325 11,885 14,478 16,745 10,413 8,473 5,880 3,613 1,620


    DAILY RATE
    New Albany Shale
    Total Production (mcfd) 86,110 13,767 16,534 17,884 19,164 6,610 4,993 3,644 2,363 1,151

    Fort Payne
    Total Production (mcfd) 136,986 9,041 16,027 21,781 26,712 21,918 18,219 12,466 7,534 3,288
    Austin Total Production (mcfd) 223,096 22,808 32,562 39,664 45,877 28,527 23,212 16,110 9,897 4,438


    Gross Revenue 602,582,000 61,605,000 87,949,000 107,133,500 123,913,000 77,052,500 62,696,500 43,512,000 26,732,500 11,988,000

    ATMOS Fee 260,576,000 26,640,000 38,032,000 46,328,000 53,584,000 33,320,000 27,112,000 18,816,000 11,560,000 5,184,000
    Net After ATMOS 342,006,000 34,965,000 49,917,000 60,805,500 70,329,000 43,732,500 35,584,500 24,696,000 15,172,500 6,804,000

    Landowner - Royalties 42,750,750 4,370,625 6,239,625 7,600,688 8,791,125 5,466,563 4,448,063 3,087,000 1,896,563 850,500
    Net After Landowner Royalties 299,255,250 30,594,375 43,677,375 53,204,813 61,537,875 38,265,938 31,136,438 21,609,000 13,275,938 5,953,500

    Partner A - Royalties 46,384,564 4,742,128 6,769,993 8,246,746 9,538,371 5,931,220 4,826,148 3,349,395 2,057,770 922,793
    Partner B - Royalties - - - - - - - - -
    Partner C - Royalties - - - - - - - - -
    Net After Partner A & B 252,870,686 25,852,247 36,907,382 44,958,067 51,999,504 32,334,717 26,310,290 18,259,605 11,218,167 5,030,708

    Carried Interest - - - - - - - - -
    Net After Carried Interest 252,870,686 25,852,247 36,907,382 44,958,067 51,999,504 32,334,717 26,310,290 18,259,605 11,218,167 5,030,708

    Drilling Cost 30,000,000 7,500,000 7,500,000 7,500,000 7,500,000 - - - - -
    Net to AKK 222,870,686 18,352,247 29,407,382 37,458,067 44,499,504 32,334,717 26,310,290 18,259,605 11,218,167 5,030,708

    Taxes 30% 5,505,674 8,822,215 11,237,420 13,349,851 9,700,415 7,893,087 5,477,882 3,365,450 1,509,212
    Net Profit 156,009,480 12,846,573 20,585,167 26,220,647 31,149,653 22,634,302 18,417,203 12,781,724 7,852,717 3,521,495

    Present Value of CashFlows (pre-tax) 151,189,764 16,683,861 24,303,621 28,142,800 30,393,760 20,077,315 14,851,473 9,370,065 5,233,358 2,133,511
    Present Value of CashFlows (post-tax) 105,832,835 11,678,703 17,012,535 19,699,960 21,275,632 14,054,121 10,396,031 6,559,045 3,663,350 1,493,458






    Assumptions
    Year 1 2 3 4 5 6 7 8 9
    Gas Price (MCF) 7.40 7.40 7.40 7.40 7.40 7.40 7.40 7.40 7.40
    ATMOS Fixed Fee (MCF) 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20

    New Albany Shale spudded per year 25 25 25 25
    Fort Payne well spudded per year 25 25 25 25
    Total wells spudded per year 50 50 50 50

    Royalties
    Landowner - Royalties 12.500%
    Partner A - Royalties 15.500%
    Partner B - Royalties 0.000%
    Partner C - Royalties 0.000%
    Carried Interest 0.000%

    Turnkey Drilling Cost per Well 150,000 150,000 150,000 150,000

    Valuation Shares
    CashFlows 156,009,480 Ords 56.9
    Discount Rate 10% Other 77.9
    Present Value of CashFlows 105,832,835
    Number of AKK Shares (millions) 134.8 Total 134.8

    Present Value per AKK Share 0.79
    AKK Share Price pre-announcement 0.22
    Total AKK Share Price 1.01


    CashFlow Analysis (USD$)
    Year EUR 1 2 3 4 5 6 7 8 9

    ANNUAL RATE
    New Albany Shale
    Total Production (mmcf) 31,430 5,025 6,035 6,528 6,995 2,413 1,823 1,330 863 420

    Fort Payne
    Total Production (mmcf) 50,000 3,300 5,850 7,950 9,750 8,000 6,650 4,550 2,750 1,200
    Austin Total Production (mmcf) 81,430 8,325 11,885 14,478 16,745 10,413 8,473 5,880 3,613 1,620


    DAILY RATE
    New Albany Shale
    Total Production (mcfd) 86,110 13,767 16,534 17,884 19,164 6,610 4,993 3,644 2,363 1,151

    Fort Payne
    Total Production (mcfd) 136,986 9,041 16,027 21,781 26,712 21,918 18,219 12,466 7,534 3,288
    Austin Total Production (mcfd) 223,096 22,808 32,562 39,664 45,877 28,527 23,212 16,110 9,897 4,438


    Gross Revenue 602,582,000 61,605,000 87,949,000 107,133,500 123,913,000 77,052,500 62,696,500 43,512,000 26,732,500 11,988,000

    ATMOS Fee 260,576,000 26,640,000 38,032,000 46,328,000 53,584,000 33,320,000 27,112,000 18,816,000 11,560,000 5,184,000
    Net After ATMOS 342,006,000 34,965,000 49,917,000 60,805,500 70,329,000 43,732,500 35,584,500 24,696,000 15,172,500 6,804,000

    Landowner - Royalties 42,750,750 4,370,625 6,239,625 7,600,688 8,791,125 5,466,563 4,448,063 3,087,000 1,896,563 850,500
    Net After Landowner Royalties 299,255,250 30,594,375 43,677,375 53,204,813 61,537,875 38,265,938 31,136,438 21,609,000 13,275,938 5,953,500

    Partner A - Royalties 46,384,564 4,742,128 6,769,993 8,246,746 9,538,371 5,931,220 4,826,148 3,349,395 2,057,770 922,793
    Partner B - Royalties - - - - - - - - -
    Partner C - Royalties - - - - - - - - -
    Net After Partner A & B 252,870,686 25,852,247 36,907,382 44,958,067 51,999,504 32,334,717 26,310,290 18,259,605 11,218,167 5,030,708

    Carried Interest - - - - - - - - -
    Net After Carried Interest 252,870,686 25,852,247 36,907,382 44,958,067 51,999,504 32,334,717 26,310,290 18,259,605 11,218,167 5,030,708

    Drilling Cost 30,000,000 7,500,000 7,500,000 7,500,000 7,500,000 - - - - -
    Net to AKK 222,870,686 18,352,247 29,407,382 37,458,067 44,499,504 32,334,717 26,310,290 18,259,605 11,218,167 5,030,708

    Taxes 30% 5,505,674 8,822,215 11,237,420 13,349,851 9,700,415 7,893,087 5,477,882 3,365,450 1,509,212
    Net Profit 156,009,480 12,846,573 20,585,167 26,220,647 31,149,653 22,634,302 18,417,203 12,781,724 7,852,717 3,521,495

    Present Value of CashFlows (pre-tax) 151,189,764 16,683,861 24,303,621 28,142,800 30,393,760 20,077,315 14,851,473 9,370,065 5,233,358 2,133,511
    Present Value of CashFlows (post-tax) 105,832,835 11,678,703 17,012,535 19,699,960 21,275,632 14,054,121 10,396,031 6,559,045 3,663,350 1,493,458







    Assumptions
    Year 1 2 3 4 5 6 7 8 9
    Gas Price (MCF) 7.40 7.40 7.40 7.40 7.40 7.40 7.40 7.40 7.40
    ATMOS Fixed Fee (MCF) 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20

    New Albany Shale spudded per year 25 25 25 25
    Fort Payne well spudded per year 25 25 25 25
    Total wells spudded per year 50 50 50 50

    Royalties
    Landowner - Royalties 12.500%
    Partner A - Royalties 15.500%
    Partner B - Royalties 0.000%
    Partner C - Royalties 0.000%
    Carried Interest 0.000%

    Turnkey Drilling Cost per Well 150,000 150,000 150,000 150,000

    Valuation Shares
    CashFlows 156,009,480 Ords 56.9
    Discount Rate 10% Other 77.9
    Present Value of CashFlows 105,832,835
    Number of AKK Shares (millions) 134.8 Total 134.8

    Present Value per AKK Share 0.79
    AKK Share Price pre-announcement 0.22
    Total AKK Share Price 1.01


    CashFlow Analysis (USD$)
    Year EUR 1 2 3 4 5 6 7 8 9

    ANNUAL RATE
    New Albany Shale
    Total Production (mmcf) 31,430 5,025 6,035 6,528 6,995 2,413 1,823 1,330 863 420

    Fort Payne
    Total Production (mmcf) 50,000 3,300 5,850 7,950 9,750 8,000 6,650 4,550 2,750 1,200
    Austin Total Production (mmcf) 81,430 8,325 11,885 14,478 16,745 10,413 8,473 5,880 3,613 1,620


    DAILY RATE
    New Albany Shale
    Total Production (mcfd) 86,110 13,767 16,534 17,884 19,164 6,610 4,993 3,644 2,363 1,151

    Fort Payne
    Total Production (mcfd) 136,986 9,041 16,027 21,781 26,712 21,918 18,219 12,466 7,534 3,288
    Austin Total Production (mcfd) 223,096 22,808 32,562 39,664 45,877 28,527 23,212 16,110 9,897 4,438


    Gross Revenue 602,582,000 61,605,000 87,949,000 107,133,500 123,913,000 77,052,500 62,696,500 43,512,000 26,732,500 11,988,000

    ATMOS Fee 260,576,000 26,640,000 38,032,000 46,328,000 53,584,000 33,320,000 27,112,000 18,816,000 11,560,000 5,184,000
    Net After ATMOS 342,006,000 34,965,000 49,917,000 60,805,500 70,329,000 43,732,500 35,584,500 24,696,000 15,172,500 6,804,000

    Landowner - Royalties 42,750,750 4,370,625 6,239,625 7,600,688 8,791,125 5,466,563 4,448,063 3,087,000 1,896,563 850,500
    Net After Landowner Royalties 299,255,250 30,594,375 43,677,375 53,204,813 61,537,875 38,265,938 31,136,438 21,609,000 13,275,938 5,953,500

    Partner A - Royalties 46,384,564 4,742,128 6,769,993 8,246,746 9,538,371 5,931,220 4,826,148 3,349,395 2,057,770 922,793
    Partner B - Royalties - - - - - - - - -
    Partner C - Royalties - - - - - - - - -
    Net After Partner A & B 252,870,686 25,852,247 36,907,382 44,958,067 51,999,504 32,334,717 26,310,290 18,259,605 11,218,167 5,030,708

    Carried Interest - - - - - - - - -
    Net After Carried Interest 252,870,686 25,852,247 36,907,382 44,958,067 51,999,504 32,334,717 26,310,290 18,259,605 11,218,167 5,030,708

    Drilling Cost 30,000,000 7,500,000 7,500,000 7,500,000 7,500,000 - - - - -
    Net to AKK 222,870,686 18,352,247 29,407,382 37,458,067 44,499,504 32,334,717 26,310,290 18,259,605 11,218,167 5,030,708

    Taxes 30% 5,505,674 8,822,215 11,237,420 13,349,851 9,700,415 7,893,087 5,477,882 3,365,450 1,509,212
    Net Profit 156,009,480 12,846,573 20,585,167 26,220,647 31,149,653 22,634,302 18,417,203 12,781,724 7,852,717 3,521,495

    Present Value of CashFlows (pre-tax) 151,189,764 16,683,861 24,303,621 28,142,800 30,393,760 20,077,315 14,851,473 9,370,065 5,233,358 2,133,511
    Present Value of CashFlows (post-tax) 105,832,835 11,678,703 17,012,535 19,699,960 21,275,632 14,054,121 10,396,031 6,559,045 3,663,350 1,493,458

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    AKK Price at posting: 0.0¢ Sentiment: Buy Disclosure: Held
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