chart like takeover target, $2.05, page-4

not a t/o its an asset acquisition by KAR. If u want to compare apples & pineapples here's how.

WPL's oil reserves:

1) 2P - 42.6 minus 3.6 till June end + 41 = 80 mmbbls (deduct 1H'16 productn & move 41  Enfield's contingent to 2P)

2) 2C contingent: 65.5 mmbbls (Enfield moved to 2P, ie 106.5 minus 41)

Total: 2P_2C: 145.5 mmbbls

KAR's assets:

1) Echidna + Kangaroo 2C resource: 129 mmbbls (gross)
2) Bauna: 113 (at Feb2013) minus 50 mmbbls = 63 mmbbls
3) Piracaba: 83 mmbbls
4) TV: 230 * 50% = 115 mmbbls
5) TM: 121 * 50% = 60 mmbbls

Total: 129 + 63 + 83 + 115 + 60 = 450 mmbls Crude oil (API of the crude, its 27 to 34)

Part of this 450 mmbbls can b sold to a Partner.

I have assumed that Piracaba & TM are packaged with bauna & TM by Petrobras, otherwise subtract 83 & 60 from 450 mmbbls. Also factored in oil produced at Bauna ie 6 mths of EWT, plus 44 months since 16Feb2013 till date.

So in my view, if 450 mmbbls of Crude inventory doesnt attract WPL or someone else for that matter, then god help them. So should b an interesting few weeks leading to the 30 Nov AGM for those attending (not me).