announcement out, page-30

Macca10,

NEN will need to 'shop-out' this discovery to instos, so as to fund the invoice. They'll also need to kick-off discussions with PVn and gauge interest in the event that they formally declare this thing commercial - which they will. These activities are weighing on the SP at the moment as there is some uncertainty around the structure of the CR and how much is actually NET to NEN. Remember there is more news to come post production testing as it will confirm my thinking that this is a very 'economical' operation - mainly due to the size and flow rates that will be recorded.

In my opinion we have a resource size in the vicinity of 4-6Tcf which is 1-1.5Tcf net to NEN. Based on industry in ground NPV pricing of USD$0.50mcf, shows NPVps of $0.91.

You'll have to discount for the 5.5Ma and 3.0ma interval as the logs dont support the est. in the table. However you must add in for the 4.1 and 4.7 aged-rock, per logs. NSAI certification as follows (KC just told us it is "well within the range", which indicates that its on the better side). The 'ageing' confirms the analogue at DF13-2 which was observed at the same depths. Flow here is very good at 42.4mcfgpd, but it should be better at Cua lo given the coarser sands. Cua Lo, is at the delta of the depositional setting but DongFang discoveries are all thin-lensed reservoirs which confirms the channelised formations. i.e Cua Lo is the source from a formation perspective.

Range from the quarterly, then NSAI certif: