Ann: June 2015 Quarterly Report, page-2

As expected, solid quarterly even with low oil prices.

Importantly net debt now reduced from US$58M to US$33M in just one quarter.

Also good to see confirmation of payment due to NGP/H has been set-off from their TAP carry repayments.

I am getting around US$16-17/bbl net operating costs (before debt).

So let's say oil averages at US$70/bbl for the next 3-5 years, Manora should be worth around:

US$70 - US$17 = US$53/bbl x 18.8M (2P) = US$996.4M

Tap's share is 30% = US$298.92M

Even at US$60/bbl Tap's share should be US$242.52M. Roughly US$1 (AUD1.33) per share, with high potential to go up.

Looks good to me.