Oilslick, here's a cuttign from an article recently re longtom :
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Sydney - Thursday - February 15: (RWE Aust Business News) - Nexus Energy Ltd (ASX:NXS) has announced that the revised contingent resource estimates of its Longtom gas/condensate field in Bass Strait have been confirmed at 435 petajoules (PJ) of gas and 5.2 million barrels of condensate by international consulting firm Gaffney, Cline and Associates.
The new contingent resource estimate is expected to allow proven plus probable reserves of 350 PJ of gas and four million barrels of condensate to be booked to the project.
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350 PJ of gas = about 1 billion AUD at currently prices, then you add the value of 4 million barrels of condensate, the companies cash reserve, what crux may end up being + Echuca etc and in my mind you get to a share price that is more than $1.....
share price retrace, page-16
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