exploration rights issued early next year !, page-8

CEL has noted in a previous announcement that they are looking to source a JV partner to help develop the asset. If this happens, and presuming that CEL retains 50% of the asset, and based on initial estimates, that leaves them with 4.25 Trillion Cubic Feet (TCF) With Bandu (partially owned by CEL) has a 10% share leaving CEL with 45% net. With net risked recoverable gas to CEL of around 3.8TCF and given that most gas sales are in the range of US$0.40-US$0.60 per MCF (or about $US500m per TCF), CEL has a potential asset worth $1.9b.