Ann: Further Placement of Shares , page-10

ANZ
As you would know, there's an oil case scenario and gas case scenario for Braveheart.
Oil case has near on as much upside for MOG as Artemis

ie, Braveheart Best Estimate (P50) recoverable 397mmbls

If we use NPV $10brl for discovered undeveloped reserves, then MOG's 26.4% share of a discovery is potentially worth...

:397mmbls x NPV/$10brl x 26.4% = $1.04 billion

@ 320 million shares post Placements/RI/RT acquisition, that's $3.05 per share

Plus we have Cornea spudding afterwards as a plan B, and Artemis in 2H 2010 as plan C

Once the funding is finalised and the newsflow for drilling starts, I think MOG will attract a lot of attention.