p2 - the story so far, page-5

There r a few issues here b4 announcing 10 tcf estimates & I think we'll have to wait till Kronos.

Key variables that require attention are:

- The presence of additional Montara sands at P2,

- Lack of reservoir data frm P#1 (& absence of Montara)

- No data yet frm Kr#1 &

- Ongoing 3D seismics to pin-point a location for Kr#2 & its eventual results.

- Overall area of the structure, thickness, porosity of thre individual reservoirs.

The JV should have a rough idea, but they will not say it out loud, unless they get it certified by D&M. That way they r covered.

Why one may ask? Simply b'coz the resource could come in more or in line with their calc's. However, with Kontiki results in their minds they will want to make sure that all boxes are ticked.

Any additional payzone will only increase the resource size. This is an ongoing thing & the model can b fine-tuned as they get more data frm successful future drills.

Most of the major discoveries in the Browse Basin (eg Torosa, Ichthys, Crux) have multiple reservoir sands. We will just have to wait till Kronos, too early for the official resource update. However, there is every reason 2b bullish & I can understand ECB's stand.