Ann: Bauer-15 Development Well exceeds expectations, page-6

Hey Corp, I will admit, I have done as much reading as I can    I have also had a chance to speak to DLS about it a while back. The following docs (found on the ASX of course) from DLS probably gives a better idea of what is possible/probably than what I can write.

I will try and put things chronologically in the hope that it helps make sense of my mumblings.

Arno-1 Discovery 2011  (currently 100% net to DLS, but BPT have the ability to buy back in).
(btw - once you have a read of the numbers of net pay etc. It was a pretty good find all on its own. I am also hopeful the 21 metres of the Murta formation will prove to be just as capable as producing good amounts of oil as what is being done by SXY in the southern part of the basin)

The we had a Reserves upgrade which on page 3, gives you a very good idea of what might be possible resource wise.

Then we have the Basham discovery which again, has basically not been mentioned for years... yet DLS predict it could hold P50 of 3.5mmbo. In time, as the Bauer field is further drilled out, they will start getting close to looking at Basham and Arno, which hopefully prove that Bauer (greater Bauer?) has much much more to give.

Next, we have the Bauer North-1 discovery, which proved that the Bauer field indeed extended a lot further north than the J/Vs partners first thought (discussion in the announcement).

Of course, after that, we have all the Bauer development/appraisal wells. I know most brokers view Bauer as having a limited life, well sure it does... no field is infinite, but if it keeps proving to bigger and bigger, well, it is much better to be producing from one major field, than many many smaller fields (cost effective etc).

Lastly, i have posted about this a couple of times over the years. Hopefully I can look back and have a laugh at what I got right and probably more likely, wrong.