Commercial Manager (FIFO) : Senegal.., page-18

Hi Gibbo

"French would be an asset" pretty well stamps it as being in Senegal. I think I'm right in saying we are furthest advanced of any Senegalese projects so my money is on it referring to us.

pj, you just knew I would have a crack:

> Three wells = one billion give or take 100m. I am very bullish on SNE, which I anticipate will blow people away, and believe Bellatrix will add a couple of hundred. (Be a big downer for Bellatrix to be dry in this climate.)

> Six wells: A total guess given we don't know targets. Assume one exploration (one of the Pakistani openers?), a further appraisal/production well on SNE? and a test of goodness knows what play/s in the Fans? Again, I'm going big: I reckon we'll be over 1.5b by year's end ... assuming we're still around.

That would give FAR 225m in a hopefully rising OP environment. At, what? $US7 pb = $US1.575 billion @ say 65 cents = $AUD2.4 billion. Divide by four billion shares = 0.60 cents. That does not account for further Fan upside (probably huge), unexplored shelf prospects (seismic due mid year), Djiffere, GB (reprocessed seismic), et al.

I seriously think my $1.20 target is within reach, all going smoothly. Equally, I acknowledge I am probably the second-biggest optimist on here and that my guesses might be wildly inflated. I do know, though, that the JV has already significantly derisked our investment and that 7.7 cents is not even close to reflecting the value already created.

Please don't tell Mrs OOO but I snaffled another - last and final - 200k shares on Friday. The SP may now assume a steady upward trajectory.

OOO

PS: Can't wait for Aqua's predictions! pj, this exercise is fun, if pointless.