intersuisse analyst report

http://www.europeangas.com.au/newsDisplay/files/1307613058.pdf

Gives EPG a short term SP valuation of 68c. The "Valuation Approach" on page 8 is very conservative IMO and only takes into consideration the 2C reserves at Lorraine (which on their own they value at 53c, vs today's 40c).

On page 7, one of the milestones for 2011 is 2P reserves at Lorraine. If EPG can get some 2P reserves under their belt by year's end, this would put the SP much higher than 68c, IMO. They'll need to get moving soon though. It would nice to see an announcement soon about work commencing at Lorraine.