new norwest analysts report, page-6

Hi pillman,

Perhaps you haven't noticed, but you've investeded in the high reward/ high risk oil exploration businness.

I take it that you are referring to the potential success in Magnolia for potential share value increases of in excess of 8 times the current value. If this is so, the calculations determine the upside.

Seismic estimates potential reserves at up to 100mbls. Hartleys estimate that the in ground value of oil in this area is $10 pbl. (this is conservative)

This discovery is worth $1000m and NWE have 20 % of this or $200m. With 167m issued shares, you can do the division.

This calculation has been made time and again here in discussions and is not exclusive to Hartleys.

I have seen risk calculations of 8:1 and 4:1 so it's in there somewhere.

Institutions generally are not risk takers, preferring poor safe returns to high risky returns.

Really, I feel that you should get your own act in order and decide if you can take this style of risk.

It has nothing to do with whether or not someone else sees this as a good deal.

This is a big chance to make real money but if the risk is too much you should sell out rather than be convinced in one breath and fearful in the next.

Personally, I think that this is one of the best opportunities I can see on the market at present and I intend to support this company with my money and my conviction.