somebody knows something, page-5

NWE value their 1.25% of Puffin at between $10m and $40m, i.e. AED's gross revenue from Puffin will be between $800m and $3,200m.

With 200m shares on issue, that gives NWE between 5¢ and 20¢ per share.

I feel confident that the $3,200m is the closer figure, which allowing for costs puts AED's value from the field at around $15/share.

All these figures are based on information already released by the companies, so if AED find more oil which, given the recent history of the field, seems more likely than not, they'll both be worth more. NWE also have upside from other projects, whilst AED is a one field company, and none of those projects are in geo-political risk areas. Mind you, the risk in Puffin seems very low.

I hold AED.