Ann: June 2017 Quarterly Report, page-7

Good to hear confirmation Auto.

A reminder From the Feb FY16 results presentation
1. Current gross production c.9,000bopd field-wide water cut c.63%
2. Approximately 4 years of field life on current reserve base
3. Recompletions, workovers & water injection to maintain current production rate for 2017
4. Moving to net cash positon by mid-year 2017
5. Borrowing base facility due to be completely repaid by September 2017

So point 4 is done. Closing in on point 5

Point 3 is the reminder .... what we don't know is cost or how many.

We also know that for the year 2016 (Jan - Dec) average production was 10,787 bopd coming from 10 producer wells and 4 injectors well. Also know 18,279 bwpd is injected and the water cut is 63% (which is 18,279 / (10,787 + 18,279) = 62.88%. Some commentary in the Qtrly regarding the bwpd would have been useful ... @Autosime did you ask?

For the first 6 months of 2017 we have (2,549 bopd + 2,053bopd) /2 = 2,301

Allowing for 15% decline thru 2017, natural production = 2,053 (net) or ~6,850 bopd. There's a lot of life left in Manora as its economic production was estimated to cutout at 3,000 bopd but this has been extended due to cost savings.

With MN-17 that came online in Dec and the 2016 workover operations which were undertaken on several wells resulting in enhanced water injectivity, identification of additional bypassed oil zones and additional completions in four separate reservoir horizons, one expects the decline should be less than my forecast above.

Cost for MN-17 all up which was part appraisal then sidetracked was US$2.5M net so gross US$8.33. Best guess cost for a water injector well ??? 25% of producing well (biggest cost offshore is the platform).

This field should be good for the minimum four more 4 years (so to speak).

Report was a solid B IMO