Ann: Winchester-1 Spud Announcement , page-9

Was looking at your post there kastin and forgive me for doubting you, but I thought, "that can't be right, must be a few too many noughts there".

From the BP wesite conversion they have,

1 billion cubic feet Ng = .19 million barrels oil equivalent

Therefore

11TCF = 11,000 BCF x .19 = 2,090 million bbls oil equiv.

At $100 bbl (undoubtly sumwhat generous but never mind and ignoring how much of this is recoverable)

2,090,000,000 bbls x 100 x 1% oor = $ 2,090,000,000.

225 million shares on issue

2,090 :- 225 = $ 9.28 per share!!!!!!!

I have often seen gas in ground valued undeveloped at 50cents per thousand cubic feet. Using this value for the two drill currently on the go we get

Winchester 25% free carried by Santos. 1.5 TCF. Currently drilling.
Liquids rich.
Say 1.6 TCF at 25% = 400BCF to OXX at .50 per thousand = 200m

90 cents per share.


Palta currently drilling

OXX 1% OOR plus discovery payments.
People say that 1% OOR equates to 7 – 10% interest.

11TCF x 7% x .50 per thousand = 385m

$1.71 per share.

We dare too dream