Mr D,I think you could certainly say, esp in hindsight, that the...

Mr D,

I think you could certainly say, esp in hindsight, that the sp got overheated at the highs, but not sure about a bubble.

We are dealing with such a valuation uncertainty. We know the gas is there, but until we know how economic our resource is to extract relative to other gas, we simply don't know what it is worth to third parties who all increasingly look like they have, or well have sufficient resource of their own, at least for the first round of developments.

Without that third party interest we are reliant on the skills of our management to add value to our resource via power generation etc. That they have already stepped down that path, despite the reservations of myself and others at the time of the SPP, may indicate their firm acknowledgement of the need to step beyond reserves certification, that they are in fact two steps ahead of us.

If this is the case, and they have still fronted up with substantial sums of their own 25% above todays sp, I find reassuring, although you can never be absolutely certain of their own judgement of value.

Worth noting not just that they bought 25% above today's $1, but that the EV they bought on was a whopping 38% higher. That is they valued the resource AT LEAST 38% higher than todays market does.

EL