Ann: Response to ASX Price Query, page-19

Yes that's the big questions.

Guessing 15% recoverable is pretty conservative but in line with others in the same space.

Rule of thumb I usually work with is that 1 tcf at the proven stage is worth approx $1bn.

So 3.15 tcf would indicate a value of $3.15bn when proven to commonly understood standards.

Fair bit of work to be done to reach that level though.

However Santos has just derisked it for us by hitting an economic result on the other side of the fence.

With the prize being $3.15bn in value what value does that put on BAS today?

Of course that is for the market to decide but a value in the $100s of millions could arguably make sense especially as BAS has no debt and is actually producing monthly revenue from its other operations.

In other words a fair value today is many multiples of the current SP imo.

Which makes the options a screaming buy if you can get hold of any as they still offer great leverage and have 1 year and 8 months to expiry.

EB