Ann: Woodside Farms into WA-389-P , page-20

Winter

U should chk out Paterson's report on their website. They've got a value of 41c for CUE. According to them, in the event of a successful find, Caterina is valued at (4 Ttcf @ 50c/mcf * 50%)/ 693.32mil = $1.45/sh.

Howevr, CUE have farmed out 65%, so the balance 35% comes down to $1/sh.

And then u have their other global & domestic assets. One thing thats missing frm CUE's warchest is a producing asset in Oz!! Hopefully they'll get there in time.

I am not sure abt the CoS they've used for Caterina, perhaps WPL's geophysicsts might want to have a crack at that at some stage with advanced 3D seismics.

Keep an eye out for their PNG gas MOU.

They could sell it to the Exxon's PNG-LNG facility or someone else out of the left field, we dont know. That should b the next big news on the Q-card !!