what if, page-11

CK Locke report June 2006


GDN anticipates the prospect may hold up
to 3 TCF of gas equivalent with a mid-target
of approximately 440 BCF plus liquids with
an assessed probability of success set at
over 19.5% by the company’s geologists.
With GDN’s equity of 83.3% in the Golden
Eagle prospect; GDN believes the company
can potentially offer great leverage of
success. A mid-case potential discovery of
440 BCF of gas would equate to a
significant move to GDN’s share price on
the ASX.
A minimum case of 50BCF currently is
potentially economic. Even based on this
alone it technically values the GDN share
price at $1.00 to $1.50.