if jv deal is good where will it go?, page-13

Hi WB

According to my calculations (Post #: 4793704) the new value of artemis to $2.83 Unrisked and $0.91c risked.

This allows for the CR increasing the number of shares to 477.2m and the fx rate from US$0.80 to 0.90c.

This is for mean gas only and does not allow for the potential recovery of oil. It also does not allow for any other factors included in the deal. Maybe I am stretching my neck out but a farmin to Blackwood and Heron may also be on the cards along with a Tassie Shoal JV.

A large company looking to find an opening into the Oz O&G riches would find all the above a good starting point and with the use it or lose it policy from the oz government FIRB should not be a problem.

But this is only my opinion:))