Ann: Notification regarding unquoted securities - IVZ, page-50

Lostdollar, industry rule of thumb is $US1b per 1TCF in ground value. Now this doesn’t take into account higher gas prices in the region but is a good floor to put under any take over valuations on. If Invictus become a producer/utility company, once taking CAPEX/OPEX/PSA you’re still looking at a good 2-3 x that of the in ground value. Given the scarcity of the commodity and position in the region i think this is a pretty conservative valuation to use but it’s a good starting point to give you an idea of the possibilities.