Ann: Mukuyu-2 sidetrack Total Depth reached in Lower Angwa, page-562

I can provide an estimate, but it is best that you perform your own estimates as well.

At first I used a spreadsheet similar to the one Petere was using based on boe. However, I changed it because I thought it best to recalculate by valuing oil separately from gas.

10 Tscf could be worth MC of $A 400mm, but I would expect some added value from oil at the flanks of the field based on the data from M-1ST. This estimate is based on IVZ having 70% ownership and it would be equiv to 90m net pay.

If we add 0.5 Bn bbl oil, the value including 10 Tscf could be $A 550mm.

I am hoping for at least 30 Tscf plus 0.5 bn bbl oil, which could be worth MC $A 1.35 bn.

Kind regards