I like this part "The acreage is currently valued at...

I like this part "The acreage is currently valued at A$412Million"

CB


The following are the plays identified in the Cambrian of the Southern Georgina Basin

1. The Lower Arthur Creek Shale Continuous Gas Play

2. The Lower Arthur Creek Shale Continuous Oil Play

3. The Upper Arthur Creek Continuous Gas Play

The areal extent of these plays is 33,725 KM2 or 8.33 million acres and the total technically
recoverable prospective resource is 6 Billion BBLS of Oil and 59 TCF of Gas.

Given the large degree of uncertainty in technical and commercial outcomes of this play type,two evaluation methods were used. The methods used were the current transaction method and the expected monetary value method. Neither method on its own was deemed satisfactory
for obtaining a value. However the range of value was seen as indicative and the mean of the range was used as the valuation.

The acreage is currently valued at A$412Million
Given the immaturity of the exploration and development of these plays in Australia it is expected that the value of these assets can change dramatically over time as more information regarding their viability is at hand. It is expected that if the planned programme for 2012 in
the Amadeus and or the Petrofrontier programme in the Georgina is successful a significant upgrade in valuation will be required.