Ann: Second Eagle Ford Well , page-25

Quick comparison -

SSN to TXN

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TXN -

Cash on hand (as at 31/3/11) - $34 Million
Production Average (as at 31/3/11) - 635 BOEPD

Share Struture -

Odinary Shares - 242,539,848
Options not quoted - 5,300,000

Fully Diluted -

Shares - 247,839,848
Market Cap - $147,747,111

EV = $109,747,111

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SSN -

Cash on hand (as at 31/3/11) - $71 Million
Production Average (as at 31/3/11) - 136 BOEPD

Share Structure -

Ordinary Shares - 1,727,586,909
Quoted Options - 268,923,888
Options not Quoted - 68,879,077

Fully Diluted -

Shares - 2,065,389,874
Market Cap - $247,846,784

EV = $176,846,784

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I can see where the value is :)