Sensitivity DiscountedBase case $3.74 Gas price up 10% $4.22 Gas...

Sensitivity Discounted
Base case $3.74
Gas price up 10% $4.22
Gas price down 10% $3.26
GIP increase 15% $4.46
GIP decrease 15% $3.02
Recoverable up to 70% $5.65
Recoverable down to 35% $2.31
All factors up side $7.42
All factors downside $1.52

Base case assumptions:
GIP 0.991 tcf
Gas price $11.75/GJ
50% of reserve recoverable
70% EBIT margin
Discount rate = 10%
Inflation rate = 2.5%
No allowance for any other reserves
200M shares on issue
$300M capex