how undervalued is this stock, page-33

Pete

these figures are from the Good Oil Conference in sept 08

Independant 2P reserves valuation of A$350m (@0.86 exchange rate)

$350m less debt $66m = $284m
$284m divided bt 208m shares = $1.36 per share
This does not take into account the value of possible reserves or the extensive exploration leasehold positions held

Also this does not take into account subsequent exploration success particularly Longville project