Ann: AWE's Asia Roadshow Presentation, page-7

Thanks for your input , yes I did omit the AAL proceeds

When AWE sold 50% of AAL to Santos in Nov 2013 didn't they get US$188M, when oil was about US$100/bbl
Now it is about US$50 , so 25% could become US$188 x 0.50 x 50/100 = US$47M
Compared to your multiples approach it is a lot less.
I'm not saying your approach is wrong but I reckon the range maybe US$50-80M

Has AWE amended its reserves to reflect the fact that oil is now about US$50/bbl ?
You don't see many transfers from 2P to 2C.

Do you reckon AAL will FID at US$50/bbl ?

Santos is the operator.
Will they be interested now ?
Indonesia is non-core for Santos.
I think Santos is more likely to sell.

All academic really.
A takeover would relieve our angst.