memo and independent valuation, page-6

very sound valuation commodore, wouldn't have done it any different... However, 70% sucess rate seems a way too high for cornea even though a number of drills have been done on the prospect (the indepedent geo report assigns 40% to chance of development). Having said that, it isn't one of MOG's major SP drivers and I feel that Artemis is the main driver and it's potential value is heavily underestimated...

One question though, my understanding was 50c/GJ was more commonly used for the CSG industry - would you be able to quote me any analyst reports which use this figure for conventional o/g... Also, why is GCOS for artemis quoted as being only 13% (in the independent geo report out today) - quite strange...?