fut us summary & valuation..., page-18

hi TC

the number of shares is a serious concern.

for comparison, i currently hold NSE which is a similar play only under $10mill mc. they are expecting flow rates in the order of up to 15mmcfd from some of their deeper 300-600BCF targets. there are only 150m shares available, and it is very thinly traded, making very difficult to manipulate.

having said that, US hydrocarbon plays seem to be the flavour of the month, and i am happy to gain wider exposure. me and FUT have a bit of bad blood, but i am willing to give it another go, as it has the virtue of being able to attract day traders (quite obviously) and so it might one day be blessed with a BCC type run.

if they mean business, 10 wells could produce say 45BCF per annum, which is a pretty respectable project, and certainly warrants a much higher mc, as you say.