Dear Harbour Energy, page-7

I haven't checked your numbers, but I think you should subtract net debt, not add it. That brings the valuation of SXY by your method down to about $1.20, but that's still better than 2 1/2 times current share price. I wouldn't rate the chances of a fair offer from these guys (or anyone else) very highly! And in any case, I don't want one. I'm happy for the current management to go on developing their business to my long term advantage.