memo and independent valuation, page-11

Hi Ya,

I've used both the p90 and p50 numbers risked to show just how much value is in the MOG SP. I agree that 50c/GJ would be conservative when valuing an actual discovery - I've posted my KAR valuation based on it proving various Tcf numbers using the higher $1.40/GJ Otway sale value - but I think its appropriate for pre drilling.

My surprised about the 40% CoS for Cornea is more that it is that low - I'd given it as 70% based on it being a contingent resource and the multiple successful earlier Shell holes. But either way its not that significant in the overall MOG risked valuation.

I've read the various MEO thread thoughts on the farmin partner and ppls thoughts that Petrobras are favourites. They seem to fit the profile although I personally wouldn't read too much into Soros's involvement.

What I'm really interested in though is the disparity between MEOs Artemis assesment - both of GIIP/recoverable and GCoS - and that given by RPS who state they are using numbers that are an analogue of Wheatstone. How then does MEO justify higher numbers? Any thoughts?