half yearly, page-7

to healyn:re merryll lynch research
Healyn ,would be great if you could post the company review for DVN much appreciated.

A DVN take over would be welcomed but THK is so undervalued now that I think a fair price for the company would be USD 200 million plus ($3 million per BCF of reserves, which THK has at 70 BCF and perhaps much more), particularly if DVN is confident of production at commerical rates. USD 210 would translate to about $A4 per share. That's 6 times THK's current share price.... how will Devon justify it?