Ann: West Erregulla 2 Update, page-80

For investors looking at what time-frame for maturity, I give it from today 3-5years. DYOR!

Basically, if good 2C's come out of WE, they will need to get it to 1P's-2P's ASAP and use the funds to horizontally scale out the Cooper for maximum dewatering of a huge base layer. Probably cost about $200+ million capex. There is another untapped layer as well (below existing one) at the Cooper which is just as wide which will need piloting via reuse of jaws infrastructure if the pipe bandwidths can handle it. Basically the possibility of greater than 11Tcf prospective from coals (not sand).

When you factor in the currently un-quantified/qualified potentials of:

1. Cooper bottom layer of coal which is currently not part of the JAWs pilot
2. WE multi-layer prospective from Wagina to Kingia High Cliff

With the known 11 Tcf prospective from the top coal layer in the Cooper currently under JAWs piloting, then there is a good possibility of another near BPT-sized company in the making!