Hi Opt, Saw your model last night and am still looking over...

Hi Opt,

Saw your model last night and am still looking over it...as I get opportunities.

At first glance, it looks a little underdone with Yakal and Tindalo in the assets column compared with your exploration assumptions.
ie, you've allocated 10mmbbls OIP to each with a recovery factor of 40%, but have only allocated a risked resource of 1.4mmbbls (to Yakal)...wouldn't it be 2.4mmbbls?...based on NDO retaining their full 60% of the shallows.

I think the NPV of US$20/bbl is also a little conservative, especially in relation to Galoc...for the others we'll just have to wait and see what sort of development is planned, POO, FXR, etc, etc...forward financial modeling..no easy task, especially when your resource is what nature has provided..or hasn't!

In another 3 wks or so we'll have the data for Tindalo, and these figures can be updated, with a bit of help from Ya re an OIP estimate...I'm assuming we're going to get more oil!!