Ann: Letter to Shareholders - Update on Landbridg, page-17

re: Ann: Letter to Shareholders - Update on L... 65 TJ/d = 23.73 PJ/a

x.51 = 12.1 PJ/a net to WCL.

@$8/GJ = 96.8 million revenue/a

OPEX + CAPEX of approximately $3.9/GJ = 49.6 million EBITDA

That gives 34.7 million after tax.

Your P/E ratio of 9 gives 70.2 cents per share.

This is an overly simple calc and obviously ignores ramp up, debt/financing and any possible dilution. It also ignores the 100 TJ/d that has been spoken about and assumes that admin, depreciation and amortisation are included in OPEX (which they should be).

OPEX and CAPEX were spoken of in the briefing that was given after the GSA announcement at $1.9 and $2.0/GJ - I just can't remember which was which, but that is largely irrelevant.

In my mind we should be in the high 40's once fresh drilling shows success.