Ann: AusTex Reports Significant Increase in Reserves, page-13

A good and timely announcement.

1) Reserves report is likely the prelude to the RBL. SEA's RBL is 70% of the NPV of their PDP Reserves. So expecting approx $29 Million for AOK

2) Excellent increase in NPV10 over a 6 month period given the cash expended
- $120+ Million rise for 1P reserves in snake river on the back of only 13 wells ($8.5Million spend on 13 wells)
- 1P NPV10 for snake river ($338 Million) is now significantly more than RFE's Big River Project ($248 Million)
- with a big war chest, share holders should be rewarded with even more value creation

3) Attractive to partners.
- I would imagine leaseholders would be keen to team up with a profitable company after so many failures in the ML. Should make leasing much easier. They are clearly pitching to holders with that video presentation at the AGM