report numbers , page-5

Ricky, they way I look at it is they have around 27 wells producing for around 950boepd so far, I think they can almost have double the wells producing by the end of the year so with declines that would have them at around the 1,600 boepd they have quoted.

So on that basis if they were to conservatively produce 1,600boepd for 2015 on my previous numbers that would be around $25m.

So if they were going to drill around 50 wells in 2015 leaving around 104 wells on production they could exit 2015 at around 3,000 (im just giving 30boepd from as soon as the well comes on) which is an ~run rate of $47m (after royalties, rev tax, lift cost but before overheads).

What is the cost of drilling 50 wells, at $650k each it is around $32.5.

At 31 Dec, they had $19m in the bank, the con note is now only $6.9m and they have a lot of options in the money which i think they will get around $5m in the door from.

From my numbers they are very well placed!