1&2p reserves worth a$153++m , page-6

re: i dont get it 13million barrells Stoss, Splains figures are more correct. Oil inground is typically valued at US $5 a barrel. Near term production will be in the $10 to $15 range. Deep sea reserves like hdrs tend to be valued at $3-$4.

For Amadeus this means using $15 for say the forcast production of the next couple of years trailing off to $5. While Amadeus have very good reserves, the production rates are slowish, therefore oil/gas is in the ground longer necessitating lower barrel figures.

Personally I think the stock should be around 80c right now with further growth to come as more discoveries are made and the biodiesel comes onstream. Splains figures suggest a level higher than mine so the consensus is the share price should be a good margin higher if not close to doubling.

Speaking to Amadeus last week the cheque is in the mail for the Energea plant for the Adelaide facility. They are using an existing petroleum facility so will be saving hugely on infrastructure. Storage tanks, offices and labs are already onsite. Site works begin in about two months. These are minimal evidently. Shortly after the plant will arrive.

Within this timeframe on past experience, we can expect more oil/gas discoveries in the US.