Ann: AWE's Asia Roadshow Presentation, page-26

Lattice lofty valuations are coming from advisers of ORG. My view is Lattice will have to go to IPO and it will likely bomb out when it list. The 2p of Watsia cannot be monetised until 2020. Also, wholesale gas prices in Perth is only around $5.5 per GJ. It is going for $8 to $9 in Adelaide and Victoria right now. Gas if sold on today's $9 prices is worth around $25 per BoE in profit. At $5.50, it will be half of the profit made in the eastern market. Big difference in valuation. There is a time value on these gas reserves!