Ann: Block 9 Alameda 2 Appraisal Update, page-909

So this looks like being a fairly accurate estimation, albeit now it sounds like with the horizontal wells that we are looking at 10 wells for 30,000bpd rather than 10kpd.

So now it is more like 85M AUD p.a based on 6,000 per day net to MAY.

You also have a resource size that may get further growth from the recovery factor uplift. Thus your field life is more than long enough to justify the capex.

Remembering it was (initially) 88m barrels at 48m of net pay at a 12% cut off. We are now at (just in 1A, 1B and 2) at 243 (at 9%) to (potentially) 538m of net pay (and it certainly sounded like they were confident of getting the fractures incorporated this time).

I think the net to MAY (just our net 20% ex CUPET) is going to end up being >100m barrels.

Find me some global onshore oil peers priced at ~3.5 PE with 50+ year asset life...I'll wait.