worth plus 7cents a share

Moby Oil & Gas (35%), Bass Strait Oil Company (40%) and Eagle Bay Resources (25%)
have made a gas discovery at the Moby prospect in VIC-P-47. Pre-drill estimates centred
on a most probable 71 Bcf of gas, but the reservoir section appears to be about 28%
thicker at the drill site than was prognosed. This well does not appear to indicate an oil
leg at Moby. Further testing of the reservoir and hopefully, gas deliverability and
condensate content will be required to get a handle on development options and reserve
potential. The partners will almost certainly want to drill an appraisal well next year,
guided by additional 3D seismic over southern sections of the field.
A rough estimate of in-ground, net present value for the companies, based on
90Bcf of gas plus 15bbls of condensate per million cuft of gas would be $45
million. This represents about 7 cps for EBR, 29 cps for MOG and 15 cps for BAS.
i hold bas