why , page-15

As a shareholder, i hate to disagree, as it directly affects my potential wealth,

but there are lots of ways to view this offer as being over valued, just as well as undervalued.

Problem is, we don't know how the majors are viewing the reserves.

for example, you look at purely a 2P price, and BOW is double the valuation of its recent piers, based on the chart above, at 1.82/2P.

As much as i'd like to make shell pay on a 3P valuation, that doesn't mean thats how they value reserves.

All i'm saying is, I don't believe its as simple a calculation as we are using/hoping for.

Don't get me wrong, I personally think that the bid is too low and am hoping for another bidder, but if it doesn't happen then the current bid price would be justified, because no one else with cash and LNG projects thinks its worth topping