Ann: AWE's Asia Roadshow Presentation, page-8

Hi Db
it is true the deal was down when oil as higher, but since then santos has done appraisal drilling with results exceeding expectation on boy reservoir quality, reserve estimates and production. all these help the economics. do i think it will get a FID at 50 USD Poo. No. i think 60-65 is probably the figure. Irrespective, if and when oil moves up the expectation of a FID will drive price up. the beauty about AWE position is unlike many other oilers, it isn't producing its oil reserves and depleting them at a time of low prices.

I also like the fact the Watsia, a big asset valuation wise is onshore . less risk and complexity and some of these onshore gas fields in Australia produce for 30-40 years