here's some very interesting info, page-67

Pomhat/Photios,

Not sure if it settles your argument regarding value of MAE, however on the 14/3/2010 an analysis was done by Wilson HTM in relation to several companies in the oil/gas sector. Their analysis, in short, showed that MAE has a current debt of $51 Million and the Enterprise Value of their oil/gas assets is $69 Million.

If either of you wish to view the document follow the link below;

http://www.horizonoil.com.au/investor-centre/documents/WilsonHTMPetWeekly20100312.pdf

Cheers

FB.

Disclaimer: I don't profess to understand alot of technical data that I read so if I have misinterpreted anything I apologise.