announcement, page-11

re: price of (good)fish $3.87-ian whitchurch Rakia,

There's this great PPT document by an Oklahoma lawyer about valuing oil and gas assets - plug "Valuation of Oil and Gas Assets in the Courtroom " into Google and you'll find it.

This'll help you do it yourself next time, which will mean that you dont risk me getting set first aftre you warn me about an interesting looking stock (damn EGO ... must read announcements first).

As far as COE goes, Arwon should be worth 5-6 cps to them, on top of their base valuation of about 30 cents (130m shares ; $10m cash + 1.8 mmbo reserves + $10m worth of exploration country).

FAR is more interesting, as Lake Long is a US natural gas well, which means the gas in the ground is worth a lot more than $1/thousand cubic feet.

Given Henry Hub prices of about USD4-5, I'd say as a rule of thumb gas in the ground in Louisiana is worth about USD3, which turns into AUD4 or so ... so we plug in the estimated size of Lake Long (ours or theirs), multiply by FAR's share, then multiply that by four bucks and divide by the number of shares on issue.


Ian