Ann: June 2012 Quarterly Report and App 5B , page-5

currently if you remove cash and give no value to texons wandoo agreement and olmos oil play, then the efs is valued
at $12,646 per acre nett working interest

the $25 mill taken out from the $116 mill market cap leaves $91 mill for the efs

if you accept they got $12 mill for the last olmos field,

Mosman / Rockingham Olmos

A review of recently acquired 3D seismic over the Mosman/Rockingham leases indicates an area of 1,560 acres where the 3D response to the Olmos is similar to the 3D Olmos character at Leighton, suggesting a potential for 30 Olmos wells on 40 acre spacing. This is similar to the number of Olmos well locations at Leighton.

then $116 mill - $25 mill cash and $12 mill olmos = $79 mill

not allowing anything for the $1.25 mill per month in oil sales

if you divide the $79 mill into the net working interest acreages, the efs is valued at $10,978 per acre

odd valuation given for the efs imho..

i rather suspect if texon advertised that valuation, then you have to put the buyer in prison for theft..

on market offer must be a huge option now surely?

on market will lock txn in to being unable to raise further capital, force the company to either fire sale the efs to anyone or give it for nothing to aut..

given that it is disclosing its precarious position and vulnerability.. on market takeover like what happened to eka is very likely to be in the thinking..