patterson summary, page-13

go ask pattersons why they think 2.20 is sufficient then to account for cost of production.

I'm not getting to carried away with it.

All i'm saying is that previous sales are at those prices.

And i asked peter, what valuation he thought was reasonable for the 1p, and that's when 2.50 was mentioned.

And pattersons seem to agree that its about the right number.

And when i use 2.50, on the 1p, i allowed nothing for the 2p.

Cost of production, i'm sure that when the gas prices are at 6.00, and someone has aquired the field at 2.50, there's plenty there.

There's no point in macro analyising, or we can go the other way, and around and around.

Its about the salablilty. And the 2-4 tcf is a nice sweetener to the deal.

I think LT made a good point, that if you have a supply contract, you're more interesrted in knowing that you can aquire an extra XX years of production.

Will it sell or wont it?

So, my punt is that from a 30c av entry, something in the order of 1.25 base price, patternsons say 1.43, aint bad.

And if i'm wrong, well, 20-25c, until gas prices rise.