appoints jp morgan cazenove and opens london offic, page-11

re: cazenove - report As I read it:

“... our fair value target is 100p ...”

core NAV 72p (Chinguetti, Tevet ,Tiof, Banda, cash)

100-72= +28p (“... asset expansion and exploration potential ...”)

“... Our oil price sensitivity shows that +$1 per barrel adds around two pence or 3% to our core NAV. Of note, if we apply the long-term (2011) Brent futures price of $49 per barrel, our core NAV rises to 98 pence per share. ...”

98-72=26
26/2=13
49-13= $36 (=their base case valuation oil price)

oil price today $57:
57-36=21
21*2=42
42+72=114

today $57 => 114p + 28p (s.a.) = 142p => A$3,39 ????????????????

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This is too hot. Please do your own calculations!!!

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