sandy, page-10

Hi Shakespeare,

From their June 1/4 report,

Galoc 2P reserves gross 23.5mmbls.

Again ASSUME a recovery rate of 30%, get 7.05mmbls.

NDO have 22.3% interest in Galoc, get 1.572mmbls to NDO

Using Carnarvon in Thailand as a benchmark they get 75% to 80% of WTI bbl.

So 0.80 x US$115bbl = US$92

Galileo kindly quoted NDO as determining their production cost at Galoc as $10.44 bbl (assume US$)

So (92 - 10.44) x 1,572,000 = US$128,212,312 to NDO

924,000,000 shares = US$0.1388 per share

(Aust$ = US$0.86) = Aust$0.16 cents per share

Again this is without royalties or tax. Assume tax won't be a problem for some time with all the development costs,
but do not know royalties.

So with many assumptions can attribute to NDO SP -

SC54 + Galoc = 0.30 + 0.16
= 0.46 cents per share