Rongo,

That is pretty hard without knowing the size of the accumulation (i.e where is the Oil-Water contact)

When L53-D east discovery was announced about a year ago, a similar net pay number was released and up we went. When the well started watering out a few weeks later, we fell off a cliff...

If all pay is good (sometimes logs don't tell the whole truth, what looks like a clean sand can turn out to be below porosity cut-off, oil can be residual or it can be too heavy to flow etc.) and we are somewhere between 0.5 to 2 km2 field size which seems to be average for this area, we are talking about 3 to 15 mmbbl recoverable (assuming 25% rec rate).

Terms are very good under Thai III regime where royalties start at 5%, so anywhere between 15-25 USD/bbl is a good number for a barrel in the ground.

Currently the market seems to discount between 1-2 mmbbl, so I think there is potential for further significant increases if this turns out to be the real deal....but jury is still out, we need those flow tests first.

Best,

Darcy