Ann: Serowe CSG Presentation, page-20

Very hard to estimate....as I see it there will most likely be a lot of CR's /dilution to take place during this year and early next year unless of course we find a JV partner.

IMO, if the test drilling results do happen to come back very favourable I think Ron will be tempted to sell it off to say someone like TOU being the most likely buyer so that they can add additional reserve gas feed to their power generation station.

As a ' guesstimate ' for myself I would like to think that with good gas results then 80c could be a realistic target figure anything over that would be cream on top providing we don't go overboard with issuing more shares....I still think that Ron has a plan already brewing in the back of his head as he has been down this track previously and made significant financial gains for those Co's and himself in the past.

Let me know if you think I'm dreaming !!!!!!!