Broker just sent through some back of the envelope...

Broker just sent through some back of the envelope thinking.

There are holes galore in the approach, but he gave a value of $100m for ERH share in 330 based on todays figures. His key assumptions netted out as 5 times free cashflow of $20m, i.e. $100m.(Even his currency assumptions are wobbly but that gives you a feel IMO!)

That should underpin a price in the 25-35 cents range for the ordinaries on a fully diluted basis.

Then we have the bigger discovery results coming up in the next few weeks from 430, plus drilling the even bigger target,(also in 430), later this quarter....

Of note, I was hoping ERH's share of recoverable oil from 330 was 1mmbls or just over. Now they suggest it is approx 2.8mmbls! A very positive correlation.

My hoped for target in 430 first area is 6-8mmbls. Anything like that will be 'well'(pun sorry!) received.

Cheers,TAS