financial model - ndo - investment bank analyz, page-11

Hi Par15,

"In terms of their oil reserves. I rang NDO to confirm that their share of the oil is:
1P 15.9 MMbbl Galoc
2P 24.6 MMbbl Galoc"

I don't know who at Nido would have told you their share of Galoc's oil is as you state.

The figures you quote are the certification of total reserves for Galoc, of which NDO has a 22.279% interest...hence Opt's figures for reserves relating to NDO.

Please see the GCA updated reserves estimate for Galoc released by NDO through the ASX on 16 Sept 2008...should be able to find same on NDO's website.

Thanks kindly for sharing your financial model with us, much appreciated.