aoe timeline, page-3

Arrow gross reserves in all their tenements was reported to be around 74,000 PJ or 70 TCF (Shells share approx 20% of course). Source is the Arrow AGM in November 2009 slide 37. Even after allowing for Shells share, the resource is huge for CSG and comparable to multiple fields in the NWS. Current offer in my opinion is a significant undervaluation. Offer would need to be at least 3 X more in my view.

Regards