Just A Thought....., page-6

Firstly a better question might what would an acceptable offer be for our share of Muhalo field right now?

What would be an acceptable offer be for our share of Muhalo field in four months when further 1, 2 and 3p reserves are booked and production/pipeline plan is finalised, GSA signed and FID completed?

Finally what would be an acceptable offer for the whole company now and in four months with Galillee sandstone and CSG reserves booked.

My opinion only every SH will have their own thoughts mine are .... 600m, 980m, 800m, 1400m or on a per share basis 88c, 144c, 118c and 206c .

I am glad there has been no deal so far as it means that our wise BOD know the value of what they are holding. The total proven and contingent reserves of Comets share of Muhalo are 1592PJ which is 1562 Million GJ which at $8 GJ is 12.5B worth of gas. Santos will need time to be sweated before they pay fair value for this asset that they need desperately to get their $10B plant optimised.