Ann: Block 9 Alameda 2 Appraisal Update, page-630

A 200M valuation is low and fully justified for the stage we are at looking at companies like Beach Energy and how they evolved... Look at the other oil companies on ASX such as Horizon oil which have the same MC as MAY and tell me which of them would be catching your interest as a buy and considering the stages they are at... A few are critics but nobody wants to drop comparables... A lot of people from IVZ have conveniently forgotten how even moving a rig and having it available to put to use warranted announcements of delays and expect returns from such a company... And furthermore MAY is far from a dud... The fun has just begun to unfold and that is how all the big oil companies began...