Ann: Armour Energy to Receive $6m in Gap Grant Funding, page-15

That's O.K. Lance , however at 800 million shares that still equates to 3c/s annual earnings for a share trading at 8.1c and that doesn't count factoring in that the volume of gas sales alone is set to double this year. It also doesn't take into account that the wells about to be drilled in quite virgin territory might strike very good oil. No matter what methodology I use I cannot understand how a share earning 3c can be selling for 8c?? Enlightenment anyone??