ned kelly pricing, page-4

Chris,

At $4.45 plus AOEI it would be a steal.

However when comparing with the likes of QGC, ORG and STO deals we need to remember the exchange rate, as well as a host of other issues like being post GFC, gas appearing more abundant now, the greater maturity (less blue sky) of reserves now.

It could even be said to be silly to be talking in AUD/GJ rather than USD/GJ.

Having said all that I am not after a USD/GJ in ground. I'd much prefer keep my slice of a future WPL.

We only get the rough deal if we sell out.

If Shell/Petrochina got to say 85%, would you still hold? I'd consider it.

EL