Savagegarden,Shares outstanding : 350 M;Convertable Notes:...

Savagegarden,

Shares outstanding : 350 M;
Convertable Notes: $15.6M = 36.7M shares @ 42.5 cents per share;

Therefore at $0.345 share price gives MC = $133.4M;
Has cash at Bank of $18.5M as at 31 March 2007.
Will receive up to an addition $51M if it can find P1 reserves of 500PJ at Camden by 31 December 2008. Taking this into account EV only $63.9 M (133.4 - 18.5-51) assuming it finds the 500PJ;

SGL was EBITDA breakeven for nine months to 31 March 2007;

It has forecast to spend $5.95M on development in the June qtr. However, it is also forecasting that production will double at Camden over the next twelve months;

Regards

SP