location of projects, page-18

Evening Christem,

I believe CDS have released a target estimate of somewhere around 880Mt for SA. I have been trying to find the number in one of their anns but cannot. I know they are looking at increasing their resource so I'll assume 880 is the number.

This makes your target numbers slightly more;
Target Resource:
616 million tonne (880 x 70% S Africa - ? unsure but upgrade due)
160 million tonne (Tasmania - BBY Presentation)
300 million tonne (Jericho Announcement)
1076 million tonne (TOTAL)
1076mt x $1/tonne = $1076 million

Therefore estimated share price:
392/740 = $0.53/share (based on current resource)
1076/740 = $1.45/share (based on expected resource)

Using your number of issued shares:
392/890 = $0.44
1076/890 = $1.21

If you compare that to FSE current resource of 279Mt then it cetainly allows for significant upside if the current drilling at Olieboomsfontein comes up trumps. Problem is they won't start drilling until they have shareholder approval and that meeting will be set around Late July / August (As per their update ann 24 June)

So at this point I can't see the sp move any higher than aound the 20c mark as it will take another couple of months to prove this field, unless of course there is another aquisition ann yet to be released. I personally won't hold my breath waiting but will hold my shares in the hope that the sp does start to move!

Keep up the good info - makes a pleasant change to the constant abuse and ramping normally on this stock.

Maxi...:o)