wilsons initiates coverage with 95c target., page-3

Hi Seam,

Briefly.

95 cent price target 12 month forward value with a risk factor of 70%to the Recerve Target.

Catalysts.

Conversion of existing resourses into reserves.
Success of others in the Galilee Basin.
Potential industry M and A activity highlighting the value of significant uncontracted resourse potential.
Favourable industry dynamics with gas demand increasing due to carbon pollution concerns and unmet Asian LNG demand.
Significant quality CSG acreage.
Attractive prospective resourse position.
Near term reserve certification.
Experinced Board and management.
$23m in the bank and zero debt.

Many pricing factors and thesis background the same as their pricing for BOW in the early days which subsequently showed a four of five bagger.

Mont.