Ann: SNE North-1 exploration well discovers hydrocarbons, page-125

Technically yes Cujo, book value then if you like So it's valued our 2C resources @ this stage at $4.15pboo
or closer to $3.50 minus all other discoveries, prospects & acreage in the portfolio, but not subtracting cash
then. That $80m in cash will go a long way to eventually getting this field up to 1Bboo recoverable imo,
in which case you can add 37mmboo net to FAR down the track.

I have not included any possible success @ A2 or P/E in these estimations, either of which if successful,
would be company makers, particularly a significant success at A2.

They stand as my perceived value put on reserves in 18 months v the contingent price put on them today at the same POO $50 & 100mmboo net to far 2C. Just hoping that come FID, POO is north of $50 and we get 2P reserves > $20mmboo. $3.50 for 2P reserves?...maybe,... but not even at $30 oil, if you were to sell. ThePOO will determine to a great extent the quantity of reserves booked, our lending ability against those reserves & correspondingly our SP at the time. Best scenario is to incur continual low drilling & development
costs as close to production as possible and trust the POO can rally to a level even higher than today in some
3-5 years...plenty of time to play out anyway. It can rally in the next 18 months or so 2 if it pleases.

GLTAH