Ann: Investor Presentation, page-25

I think a farmout for full free carry on two drills should be doable now...

Cos 88e can go down to 30% net meaning farminee can go for like 60%, seeing that bex would have 10% (at the 75/25 current split)..

18mill usd per drill.. times two..
Possibly 15mill usd historical costs on the project..
60% at 33% premium..
means about 80% of the 2 times 36mill usd or about 29mill usd covered..
but 60% of 15mill usd backcosts would add 9mill usd.. so total value 38mill usd or 2mill usd cash back to 88e/bex after two full freecarry wells at 30/10 net to them...

"better" case scenario..
Farminee pays 50% premium on two wells and backcosts.. at 60% thatd bump it to 90%..
90% of the 36mill and 15mill would be like 46mill usd value.. or two 18mill usd drills completely paid for plus about 10mill usd cash to 88e/bex..
46mill usd for 60% of 825+435=1170mmbo is about 702mmbo mean gross unrisked for farminee or about 1bill+ high case..
46/702=6.6cents per barrel mean case..
In only TWO drills..
Very very doable, as far as i am concerned..

Either way.. at 30% net to 88e post farmout.. thatd give circa 250mmbo mean gross target..
On top of the 144mmbo western(aka horseshoe) paid for drill... so about 400mmbo Mean case in TWO wells by easter time perhaps...
There is still the 30% post farmin on bravo etal of circa 100mbo Mean...

Hmmmm.... ))