ann, page-3

Stock analysis report just out puts EMR at discovery value 32c assuming 80bcf and 10mmbls.
Valentine did provide some
useful information as it progressed
through the shallower Anderson
formation, which forms the target zone
at the adjacent Stokes Bay prospect,
which is actually an appraisal well for a
discovery made in the early 1990’s.
The Anderson Formation rocks showed
reasonable permeability and porosity
and surprisingly, since at this location
they were out of the Stokes Bay structure, held gas. Valentine was a high risk play,
which was only drilled because the operator planned to test Stokes Bay, which now
looks to be less risky than when it was first mooted.