another good say., page-6

TBE,

I can't value BOW, but I try.

I simply ask myself whether there is enough full in the tank to get to a suitable milestone from an investment perspective, eg a modest $2 in 12 months time, which would be a diluted mc around $500mm.

2 Tcf of 3P by then looks pretty well a given, with 25 c/GJ of 3P not unreasonable.

On a 2P basis our forecast of 450 PJ would be valued at $1.10/GJ which is a little high but imho probably supportable because:
1) It will still be growing
2) On current form we are likely to exceed our targets.

Therefore I guess my view is that somewhere around 1.50 is reasonable now, in modestly low risk anticipation of $2 plus by the end of 010. I see more upside than downside risk to that. Esp since we've hardly looked at Norwich yet.

EL