Ann: Mahalo Drilling Rig Contracted, page-9

Just a quick calculation to show you the market valuation of Galilee snadstone.

"If the company raises the full amount, it will have a market value of about $52.8 million on listing."

The equity value of 52.8M and debt value of $50M mean the enterprise value of vintage will be $102.8M.

Vintage only asset is 30% of the Comet Galilee sandstone reserves.

The entire field is therefore valued at $342.7M (being $102.8M /.30 = $342.67M )

Comet owns 70% being $ 240 M (342.7 x 70%)

Comets market on Friday 244M.

So either Muhalo (the largest untapped csg reserve in eastern Australia) and are very large chunk of the emerging Galilee basin are worth $4M between them OR we are massively undervalued.

I am absolutely sure its the later and I expect Comet to drift up to 50c even without reserve upgrades that are coming.

GLTA