ann out., page-13

From the preso pg 30. the NAV = US$ 2.35 (No Value Given to Exploration Success = Catalyst for Upside). Which is saying that the par sp = US$ 0.1175 per sh. = A$ 0.115 per sh.

Atm, the sp = A$ 0.095 and the gap = A$ 0.02 (a 21% undervalue!!!)

On top of the successes of any well, that will be calculated by the reserves x $10 bbl.

TB has done a fantastic value analysis this time.

GLTA