bull, page-3

38c is the correct figure including exercised options and placement and using fully diluted value (including total listed shares of 1.24bill & 40mill oppies. NB Performance shares not included).

ie 1) assumed total shares = 1.28b (Patterson's used 1.5b) so estimated share price increases 17% over Patterson's 31c = 36.3c

ie 2) approximately $20mill in cash = 1.5c/share. Patterson's gave no value for this.

So, 38cps for SEH is estimated value for SEH, according to Patterson's previous figures, in the next 12 months, however this will significantly be upgraded when RISC report comes out in next 2 months along with flow rates and seismic of recent drilling/testing and possibly slight decrease in risk assessment by Patterson's.

Buying demand is now present in SEH even as share price increases and supply is getting gradually swallowed.
All looking good over the next 18-24 months, especially if ODP's are being approved.