Trading Halt, page-95

DRB,

Something does not add up. WPL said the deal was done in Jan and then they quoted the 560 mil figure.
In Jan, the 2C was 330 mil. The RISC report upgrading to 561 didn't come out till 8th Feb. they said according to their estimates; Must be bl00dy good estimates to line up with FAR's RISC report with a discrepancy of only 1 mil. Something stinks there!

I think they based their bid on 330 mil which means COP share being 115.5 mil
Thus it's 430/115.5=$3.72 rather than the $2+ that we all take that to be.


561 mil will give our 15% (15/100)*561*3.7=$US313mil or $A417 mil
$A417 mil/4.4b=9.5 c / share more reasonable?

So why quote the 560 mil figure? Just in case they wanted to go further down the months from Jan and have a go at FAR and CNE, then they can say well, we offer you at the same rate on all you new finds and upgraded appraisal reserve.

Well as in my last post, a good option for FAR is to do what Tullow did Heritage Oil. Excercise the right and on sell the interest and make a profit.

Does not look as bad as initially I think.

AJIMHO.

KKW