Ann: Investor Presentation - Winx-1, page-80

RSD - quite simply imo I would go with the following rough metrics.

Target prospects of 400 mboe for Winx if we say drill hit is successful and take recoverable oil to be 30% of target that is equates to 120mil barrels and 88E's share of circa 30% is 35mil barrels.

Believe a conservative range to value in ground hydrocarbon is around USD$2 to 5 per barrel , so say we take the middle of that is USD$3.5 per barrel @ 40mil barrels gives us a value of around USD$123mil or roughly AUD$170mil valuation off a successful Winx play.

88E with a current market cap of $125mil I would think it could double 2x in sp or just under that.

If we look at RMP with market cap of $40mil that would be a 5x bagger and OEL would also be a 2x bagger.

Exciting times ahead!