madisonwilliams png o & g research report

This is from 3 years ago but makes interesting reading.

http://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=1&ved=0CCkQFjAA&url=http%3A%2F%2Fwww.ngenergy.com.au%2FLiteratureRetrieve.aspx%3FID%3D57954&ei=Yfa8UpiOFcSCkQW5iYHIAQ&usg=AFQjCNFa2boSKap9TmPVbEqnw1kucIo0TA


Industry valuations on Page 14 show average gas contingent resource valuation of around 40 cents per mcf (although these were onshore project transactions).

Cott's 40% share of Pandora - approx. 320 BCF (320 million mcf) could then be valued (if above is any guide?) at up to $128 million.

Accuracy of this valuation is ofcourse open for debate!!