no offence Dilmac, however, UBS are AOE's corporate advisers so...

no offence Dilmac, however, UBS are AOE's corporate advisers so would talk it up a little.

I saw Macquarie value it at 94c per share, however, stated that early exploration companies do not trade close to their 'book' value and so apply a discount of approx 40% to it.

It is very similar to a stock (Arc Energy I think) I held a while back which spun out Buru energy. Buru have only ver traded at a fraction of their book value given the very early stage of exploration.

So, one to keep an eye on. Will be interesting to see how their NSW assets are developed.