parsons well a success, page-6

Pmunt

totally disagree with your BPT vc COE comparison

A few points you should note
1. BPT has 66 mllion barrels in reserves(oil and gas) plus 17million boe more already in the bank waiting to booked from an accounting point of view only. There is also another 10-30 likely to be booked soon form SACB JV
2. BPT have a little over 3.4 times the shares on issue but also have 75% of Pel 92 so every find arguabbly adds a very similar value per share to each company. Lets say todays find was a million boe, thats 750k for BPT and 250k for COE. However, and here is the big however, BPT have another 15 odd wells in PEL 91 and the newly acquired ITC acreage to drill within the next 2 months which will mean value to be added from the CB campaign likely to be far greater to BPT. PEL 92 is mature, wheras BPTs other permits are barely touched with some great fields dicovered already
3. BPT has a Shale gas program which could add 10 tcf in resource
4. BPT has 100% Tanzania permit, near some moster fiedls

Now if you want to conduct a valuation comparison, use the valuation metrics (npv per boe) you use for COEs value to work out EV and apply those to BPTs reserves and you will see that your coments may be a little misguided