price setting period again, page-9

Get a grip and do your sums people.

Share price at a $1 means a diluted market cap of approx $370million. To be sustained at say x10 earnings (long term supply plus 10years)both wells would need to have a combined (profitability) of $37million per year. So far GDN are about $37m per year short of that mark.

At 5cents the market cap is $13.5 million which in order at x10 earnings $1.35million in profit would be required to sustain it (long term plus 10years)

Now look at each placement for the past couple of years. Cunninghams look to have done quite nicely. Profit although small every time. You don't truly believe that their supporters are so boggled by this thing that they would be doing it to for the thrill of the chase. They would be broke if that were the case. Each placement is done at a discount and the following volumes easily account for the sale of those shares in the black.

With each placement comes and inherant overhang, a guaranteed dilution and a higher bar for the well to achive. I would suggest the options are more an insurance policy should the 2nd well actually find something extraordinary.

Anyway as usual - I await with anticipation for the replies accusing me of downramping.