rough as guts dcf, page-3

Hi Conix-Vale

I would not argue with your $3.10/share.

Given all the information, I could do a more accurate calculation but the "rough as guts" took me only a few minutes and gives a much better share value (for Chinguetti alone) than I have seen from any other published source. It is based on the simple logic of an additional US$40 above the oil price used by WPL.

Regards

Complex