excellent drill results, page-7

Hi Iceman

It seems you have not read the announcement too closely too suggest "To be honest this announcement gives us nothing"...

Read again ... "several intervals were logged that appear to aggregate significant amounts of total pay" and " decision made to set production casing and establish separation facilities and a natural gas discharge pipeline to one of two gas markets "

If there wasn't a significantly large commercial amount of gas and condensate do you think they would go full steam ahead to set up production/ separation/ and discharge facilities immediatley!!???

You may not be aware that typically in the US, Oil and Gas companies do not announce to the market exact nature of Seismic or drill locations etc ... it seems you were hoping for this info? The market is too competitive over there to release that exact kind of info .

From what i've heard this first hole at Raven will be flowing at anywhere from 1000 to 2000 MCF per day... until the pipeline is up and running they cant say exactly what but those estimates are excellent... the JV partner Nelson have been drilling there for many years so put some trust in them ok!!

In the converstaion i had they estimated this hole alone would equate to US$1 million per year in revenue.

Multiply by 10 holes equals US$10 million per year.

Mulitply by 10 years production life for the whole Raven prospect = US$ 100 million

Use a PE ratio of anything from 10 to 14 times and that will equate to a share price well above todays level...someone else in oil and gas stock anaylsis and NPV valuations could suggest what its worth. ..perhaps ??

So I know you wanted to see some more tangible numbers in the announcements, but thats just not the way it happens my friend.... but read between the lines and you will be VERY VERY comfortable and anyone holding this stock will be kicking themself if they sell out between 0.50 and $2... just have the confidence and conviction this is humming along very nicely indeed.

cheers, see you