All very interesting. At 33 cents AQO is valued at $46 million....

All very interesting.

At 33 cents AQO is valued at $46 million. It has cash of $6 million so that its 47.5% interest in PEL 570 is valued at about $40 million. On that basis 100% of the 463 squ km in 570 is valued at $85 million or $183,000/ squ km.

PGS has a 20% interest in 1972 squ km or net 393 squ km . The market is clearly not recognising that PGS interest in PEL 570.is undervalued.