Ann: Quarterly Activities Report and Appendix 5B, page-2

I get 45%X13.67%Xus$12X100,000 BOPD = Us$74,000 per day but only if oil is above US$70.

They have been producing for 100 days roughly = US $7.4m earned so far.

If they can maintain the rate of production and oil remains above US$70 it would take another 2 years to earn the full US$55m contingent payment.

Risks are;

- production rates fall off (likely)
- oil goes below US$70
- Government in Senegal demands more
- tax (hopefully they have usable tax losses)
- drop dead date for the contingent payment July 27 (3 years from first sales)
- Woodside plays hard ball and won't pay

So market cap at A$47m (@50.5c) re maximum payout of US$55m (A$82m) seems fair value at this stage.