Ann: Trading Halt, page-26

Given that conditions for the high case $100 million NPV projections for Al Hadeetha have now been exceeded, I am inclined to think that we'll probably end up at a MC of roughly 40% of this figure ($40 million or around 6c/share) soon after the licence is granted, moving up to about 80% of the NPV ($80 million or around 12c/share) once construction finishes (within 12 months). This is assuming that the market won't take much notice of the SWP JV or progress on the other Omani licences into account just yet, but we can always live in hope.