new coat same model...., page-3

Hi Kiwi

The figure is to do with mean gas recoverable, if it is present, which is calculated by the estimated porosity of the reservoir (depending on the make up ie sand, shale or lime). Gas Sand is the best type of reservoir as it is finer (holds more) with better porosity and pressure.

Most of MEO's estimates have been based on a 60% recovery factor ie:

Calypso - Mean GIP = 10.8 so @ 60% MGR = 6.4
Legendre - Mean GIP = 9.5. @ 60% MGR = 5.6

This is what gives them the estimated total Mean Gas in Place of 20.3Tcf and Mean Gas Recoverable of 12.8 Tcf.

If the MGR is actually 80% then the recoverable gas is 20.3*80% = 16.24Tcf.

This would give a higher valuation of the risked/unrisked vps to MEO SHs so all my previous figures I have posted could be increased by 20%.

This is different to the GCOS which relates to the chance of gas being present at all in the Artemis reservoirs. This has been estimated at 32% and later revised upwards to 40% or more by the MEO geologists. I base my calculations on the more conservative 22% GCOS based on various independent reports compared to MEO.

Of course we will have a better understanding once we have success at A#1 in Nov and further test wells are drilled.

#:>))