Ann: Contingent Resource Certified for Voyager Field, page-7

i personally am close to clueless about gas & stuff but I will try my best. please any corrections are welcome to what i write.

so i couldn't find any previous resource estimates for Voyager. As for helium prices, again, hard to find but there are recent prices for govt at US$100 per mcf (thousand cubic feet) to US$210/mcf for private industry. Last BNL presentation, similar to internet, says reported sales up to US$600/mcf

If we value today's announcement at 20% insitu (note, in Australia, there were gas takeovers at 33% insitu value, such as Mitusi for AWE), the value of Voyager ranges from:

* AUD$17M medium case to AUD$33M high case at US$100/mcf
* AUD$36M to AUD$68M at US$210/mcf
* AUD$102M to AUD$196M at US$600/mcf;
* all at 0.75 exchange rate

so if we choose an optimistic valuation from the above of AUD$50M, Voyager coves the value of the current market cap

regardless, even a conservative valuation of AUD$30M is very good for this one small prospect

the last BNL presentation included the following for the other prospect therefore the Voyager prospect represents a very small portion of the 13 billion cub feet