Perth Basin Norwest Energy, page-8

Hi @tarasbulba

welcome to TEG. There are a couple of transactions that give an insight to where TEG could go on the back of a successful drilling campaign. NWE was one but there is also the WGO/Hancock and TPD/STX transactions. Details here in TEG presentation. (Good Oil Conference Sept 23)



Of the three transactions only Warrego was independent and they attracted bids from Beach, Strike, Min and Hancock. TEG is similarly independent and, on success, should attract multiple bidders.

With regards to potential value TEG have indicated a value of $2m/BCF based on these comparable transactions.

Success at Booth could be worth $280m. ($2m*140BCF net Best Case).
Success at Becos could be worth $50m ($20* 2.5mmbbl net Best Case) (TEG presentation Mar 24)
Third well location dependent on 1st two drills

Both Booth and Becos are being drilled on the back of 3D seismic. Drilling in the PB based off 3d has had a 60% success rate to date.
All this is happening over the next few months. TEG is pretty significantly leveraged on a successful drilling result.