where to from here..., page-4

re: where to from here...ian? Hutchley,

60 million shares, no oppies (well, OK, there are some for employees)

1.2 mmbo in Acracia, 2.4 mmbo in Worrior. Thats 3.6m mmbo of P50 reserves, not including the Patchawarra in Worrior.

Value them at $15/bbl, and thats $52m, or about 90 cents a share.

And thats with the PELs (and they own 75-100% of 4 of em) worth nothing.

In the short term, you have the forthcoming farmout announcement for Panning block in PEL90, which has 4 potential gas reserves totalling about 200 bcf probable reserves.

If that farmout is conducted, I'd be expecting it to be 'You pay for 4 wells, and keep 40% of whats found'

In the medium term. I'd be expecting Doremius and Arwon to get drilled this FY.