Reserves

Am doing a review of the reserves information the company has been providing and am wondering if anyone can assist with the following queries;

• In the 21 July 2015 announcement, the NSAI reserves for PV & Dingo were advised. The 2C numbers were reported as 29.7 PJ (PV) + 22.7 PJ (Dingo) = 52.4 PJ (total). Why weren’t these figures included in the reserves data reported on Page 16 of the 2015 Annual Report, which suggested there was no 2C reserves at all? There was no certainty of market at that stage however I do note the 1P & 2P figures moved up very slightly.

• Based on the comments in the 21 July 2015 announcement, is it correct to assume with the NEGI FID now done, the PV/Dingo 2C figures should now be added onto the 2P figures, for new 2P figures of:

Palm Valley - 24.6 + 29.7 = 54.3 PJ
Dingo – 34.6 + 22.7 = 57.3 PJ
Total – 111.6 PJ (100% share)
Comments in the subject announcement suggest this will be done in Stage 3 of the reserves certification, but what is stopping it being reported now?

• Page 8 of the 27 Oct 2015 Investor Presentation notes ~125PJ of 2P available from Storage (PV & Mereenie) via the GAP; this does not appear to be mentioned in the recent 3-stage programme. What is required to firm this up? Also the “Cumulative Reserves Growth Plan” contained on Slide 11 of the same presentation suggests a potential cumulative reserves figure of almost 600PJ (assumed by 2018) without any further exploration; is this still valid?

Based on my calcs our reserves at present now are as follows:

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
1	Field	1P​	2P​	3P​	1C​	2C​	3C​
2	Palm Valley3	18.4 ​	24.6 ​	- ​	- ​	29.7 ​	- ​
3	Dingo3	10.8 ​	34.6 ​	- ​	- ​	22.7 ​	- ​
4	Mereenie2	62.0 ​	75.0 ​	82.0 ​	56.5 ​	91.0 ​	107.0 ​
5	Total	91.2 ​	134.2 ​	82.0 ​	56.5 ​	143.4 ​	107.0 ​

Happy to be corrected, and would appreciate any thoughts on the above queries.