Trading Halt?, page-11

At this early stage it can only be a stab in the big wide ocean. But these are the facts as we know them presently.

IPB have three permits in this highly prospective oil area and the first of these has a best estimate of 69mmbo recoverable according to their most recent survey, and the other two permits will have a survey contract established this current quarter, and survey to commence soon after, as stated in the recent quarterly.

The commencement of these will be value adding to the share price, especially the farm-in at 424, which is due to be announced shortly.

From these events (plural) my stab is that the MC will easily double from present, if not triple, and potentially quadruple, which is 64M. Lets say 50M max and steady once the farm-in is signed and the two other permits commence survey. This equates to approx. .25/share. (The farm-in alone though is likely to create this).

The above is what we could call stage 1.

Stage 2 would be the results of the drill at Idra and the results of survey on 471 & 485, all to be completed this year.

Valuation of these will depend on their success. If we achieve only 1 from 3, say best estimate at Idra is confirmed, or better, then the MC could sustain 300 - 500M. I'm leaving this figure quite broad as Idra is likely to be the first result provided and if successful, the potential of the two remaining permits under survey will also add value, considering the hype that comes with trading.....

Quite conservatively, I think we can add 100M to the MC for the success of survey on each other permit. We can also deduct it if they return unfavourable results.

Stage 3 would be farm-in's on the other permits if necessary. 500- 1B MC

Stage 4: production of either three. 1B - 3B MC each, variable on the PoO.

That is the back of my dunny paper estimate. I don't recommend you see the flip side .