stuart up 8c, page-9

re: great value, some numbers - analyser Hmmm, STU is fairly valued atm imo.
3.2mbo of onshore reserves are probably worth AUD40 mil
Exp acreage is probaly worth another 20m

NDO could arguably be valued similarly to what ChevronTexaco paid for UNOCAL ... USD10/boe in ground ..... but whats inground number do you use ?

20mboe would make NDO worth USD200m vs a current cap of AUD40m approx.

That may be conservative , or complete rubbish ;)

SALTY