The Dabinett prospect has been identified by Horizon Acquisition and has been high graded to drilling status after many years of technical analysis, including the acquisition, processing and interpretation of modern 3D seismic data along with regional/local studies of the area incorporating geology, geophysics, petrophysics, basin modeling and timing, analogue production, etc.

A detailed study to evaluate the prospective resources of the Dabinett prospect has been conducted by a well-respected, independent reservoir engineering and valuation organization. Through Monte Carlo analysis, the “mean”, un-risked prospective resources have been estimated at 663 billion cubic feet of natural gas and 16 million barrels of condensate (or 174 million barrels in the oil case). The Dabinett prospect resides in shallow water and the primary Permian-age objective is situated at a modest subsurface depth. The net after-tax discounted present value of a discovery at Dabinett exceeds $1 billion.