Ann: Basker-Manta-Gummy - 2P Reserve Downgrade , page-19

re: Ann: Basker-Manta-Gummy - 2P Reserve Down... stock Broker Valuation as at 13-01-10:

Production Assets
..........................A$ps
BMG Oil................. 0.20
Zhao Dong ...............0.28
Chinguetti ..............0.01
Cliff Head.............. 0.13
Blane ...................0.13
Enoch ...................0.05
Sub Total ...............0.79

Developing Assets
BMG Gas .................0.06
Wei (Beibu Gulf)........ 0.07
Sub Total............... 0.13

Static assets and exploration
Angola - Coco-1......... 0.01
Australia - WA-351-P.... 0.04
Eq/rial Guinea - Aleta-1 0.06
Mauritania - Cormoran-1. 0.01
Chimera East-1 (Vic).... 0.01
Yungarra-1 (WA) .........0.01
Sub Total............... 0.14

Financial & Corporate
Cash.................... 0.17
Debt ...................(0.16)
Corporate costs ........(0.09)
Sub Total.............. (0.08)

Overall total........... 0.99


Adjust BMG to zero for down grade:

Less:
BMG Oil................. 0.20
BMG Gas .................0.06
Sub Total.............. (0.26)

Adjusted Total ..........0.73 per share plus whatever BMG is now worth per share

Lets hope there is no further downgrades!

Regards

SP