Goldie, 37.5% of 200 = 75 bopd300 = 112 bopd400 = 150 bopdWe may...

Goldie, 37.5% of

200 = 75 bopd
300 = 112 bopd
400 = 150 bopd

We may see as little as 200bopd (but hopefully higher) for Defender but remember the approach is that with learnings from the early wells in the play, productivity from later wells is improved on each of several metrics - decrease cost and time to put each well into production, increase the production rate and EUR of each well.

So the payback may be 12 months on the first couple of wells, but the expectation is that the payback will improve with exeprience. Let's not forget though that a 1 year payback on any investment is not bad at all, however since these are development wells, the payback is not only the financial return on the early wells, but also the know-how/intellectual property return which results in better results for later wells in the field.

Finally, while the payback period is important in order to plough the money into the next well, but it is the EUR that is the most important because the NPV associated with the EUR is ultimate prize and the value driver for the company's SP and mcap.

Cheers, Sharks.