Ann: Woodford Well Sustained Production Results, page-29

Awesome work there The Prof!

I reckon we could have a (very rough) crack at the Bullard reserves based on those figures.

- US~$172m Gross (4 remaining wells if we can assume same production figures for Bullard will apply to each well)
- US~$135m Net (after 21% deduction of production taxes being state and federal ad valorem taxes, but before the deduction of federal corporate tax)
- US~$135m Net x 20.57% WI = $~27m future net revenue.

***Total future net revenues vs NPV10 in the Maiden report below shows NPV10 is approximately 33.33% of the future net revenue figure***

- US~$27m future net revenue x 33.33% = US~$9m in reserves for our share of the Bullard unit.
- US~$9m divided by 300 acres = $30k per acre.

So total NPV10 reserves added to the portfolio should be in the vicinity of $US~$9m or $AUD~13m.

Maiden reserves: US~$12m or AUD~$18m
Bullard reserves: US~$9m or AUD ~$13m

Total reserves: AUD~$31m