substancial holder, page-10

re: fidelity - 10% - question follows
Simon

The current GiP for just 15% of the Lorraine permit in France is 980PJ. Management has given guidance that about half of that value is likely to be recoverable reserves. NYSE listed Western Gas and one other company whose name currently escapes me are capitalised at US$3 billion and $3.75 billion for abt 430 to 650PJ of reserves .... so the valuation that you say Fidelity prefer is potentially there ... and some when you consider the balance of the Lorraine permit, plus the other French permits, plus the other Italian permits ... but hey, you can accuse me of being an optimist if you wish lol.

Poyndexter