Guesses on Mountainside asset sale and Tranche2 Appeal

WEC have kept their cards under the table as far as the 160+ wells/holes drilled in 2016/2017 on the Mountainside tenements is concerned. I wont speculate as to the reason they have done so or comment as to the affect or otherwise on trading of White's shares on the ASX.

WEC own 51% of Mountainside and have stated they have five bidders for the tenements. White has not said whether all five, or any for that matter, have bid for all the 50% interest or whether it is only for one tenement or two tenements.

After all the drilling I have a personal guess that the White Energy board of directors must be happy with the position and hopefully will get back around US$10 million to US$13 million. This would be about 55% to 68% of the present market cap at the closing price of 5c a share. Albeit trading is light and so far no big traders offering against a big award being given by the Singapore Arbitration Commision after this February's booked tranche 2 appeal by Bayan of Indonesia.

A few years ago WEC hoped for US$750 million to be awarded to them. They have said costs to White have been about US$110 million and hoped for damages to be awarded. You make your own guess on this one.