Ann: MAY: Beehive (WA-488-P) Agreement with Total and Santos, page-9

expl plays best viewed by using EMV .......

http://www.ccop.or.th/ppm/document/CHWS2/CHWS2DOC13_henriksen.pdf


how "much" the market is willing to "pay" for a prospect very much depends upon the state of said mk ........

normally (historically) you would see 10-20% of EMV "factored into" a share price in the run-up to drilling a hole .......expectations of cap rasies etc etc not withstanding .....

very roughly:

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12	Column 13	Column 14	Column 15	Column 16	Column 17	Column 18
0																well cost		EMV
1	MAY	Operator	Net Interest	Gas/Oil	% Interest	Drill	Mean	Mean	Mean	Mean	Permit	Permit	Risk		Comments
2					Within	Ready	Gross Rec	Gross Rec	Net Rec	Net Rec	Value by	Value by	Assessment
3					Permit	defined by	Reserves	Reserves	Reserves	Reserves		Reserve Potential
4	Prospect or Lead					3D	MMbbls	Bcf	MMbbls	Bcf	A$M	A$M	POS
5	EP488
6	Beehive		16%	oil	100%	n	588		94		0.0		0.16			25		71.9

I would suggest this is (more likely) to be a gas prospect thatn an oil prospect ......

anyways - plse scuse the error in the above ......just an example !

rgds
V_H