IVZ Share Price, page-16179

AMENDMENT Assuming the concentration of Helium in Mukuyu gas is 0.2% rather than 2%:

I re-ran the calculations: The Upper Angwa andLower Angwa, the estimated share is $A 12.62 per share assuming “fill tospill”, 1.6 Bn shares, 37% risk factor, and the whole field has been appraised.

At 0.2% rather than 2% Helium content in Mukuyu, thevalue of the Helium could be about $1.10, assuming a 37% risk factor applies.

In total for gas condensate & helium, theshare price could be $A 13.72

There would be additional upside if light oil/volatile oil was also discovered.

In my opinion, a 37% discount factor sounds abit too low, and so perhaps a more realistic price range for Mukuyu assuming fill-to-spill is $A 14 - $A 18?

Therefore, who knows, we may be pleasantlysurprised to find that the share price at Discovery actually does achieve at least $A 3 - $A4 as Roch predicted!

The above estimates are based on the following assumptions:

If the Lower Angwa net-to-gross (NTG) continues with the same high quality and contains gas condensate all the way down to 4400m MD, we should expect a pretty impressive In Place Gas Volume (Best Case Prospective Resources) about 60 Tscf (based on 50% NTG and 80% NTGwithin each sand).

A Best Case In Place volume for the Upper Angwamight be about 9 Tscf based on 15% NTG and 70% NTG within each sand.

Please note that the above estimate and allprevious estimates I have made are approximate. Oil companies usually employ a probabilistic approach for evaluating the range in Prospective Resources, however, given the limited data, the above figures should at least provide a reasonable guide for future investment planning.