Ann: Latest Equity Research Coverage , page-15

Music to my ears. Better than that show the voice.

"OBL is now demonstrating the value of its exploration plays, and now has minimal downside with its Backreef
Area asset. The Backreef Area could be worth multiples of the current share price, in the event of success. OBL is
clearly leveraged to news flow on flow-testing of the Backreef-1 well, which is expected to occur on or before 1
May 2012. Importantly, note that two separate zones may be tested.
The CSM / USG potential of the Canning Basin is high, with known high quality source rocks. OBL has two permits
that have significant USG / CSG potential.
OBL’s March quarterly report showed cash of $2.6m, excluding the minimum $1.7m payment from GRK, hence
OBL is funded for its 2012 program. We estimate a “fair and reasonable” value for the company’s assets of around
7cps “risked”, with a high-side case of 12cps “risked”."