price per gigajoule, page-5

SF,

Very realistic and in line with my own valuation thoughts.

I am however hoping that we survive beyond reaching the 1900 PJ mark. Then we should still see value added as the 3P is converted to 2P, and some more 3P worked up, esp in Norwich, as it does look like Comet will deliver most of the target.

I therefore see $2.50 as my early takeout minimum, my nearly bankable target. Would hope to see the $3 to $4 range but realise that might be unrealistic and requires a lot of time and work on the ground.

PES's huge acreage was a big factor, with the quality of the resources they found in Dingonose/Duckworth was the trigger to revaluing that huge acreage - BOW can never get that.

As you say (and as Charlie Aitken ignores in his recent AOE speel in the Euraka report) it's all got to be put in context.

EL