Correction to the 3rd last paragraph, it should be 0.51 not...

Correction to the 3rd last paragraph, it should be 0.51 not 0.53


AOE has just announced an increased offer $7.16 for PES.

PES 3P reserve is then valued at 0.72 cents per PJ

Apply this to MEL and the equivalent offer would be $8.39.

But lets assume that MEL get a bid half of that, ie. 0.36 cents, then the take over price would be $4.19.

Bear in mind AOE first offer was 0.41 per PJ, then BG offered 0.64 per PJ and AOE has now upped it to 0.72 per PJ.

PES 3P reserve is 1241PJ with a planned targeted increase of 500PJ in Q1 2009. Using 1741PJ then the offer is 0.51 per PJ.

MEL must be so under the radar screen its not funny, as they have 3P 1,538PJ and at todays closing price, the market values its reserve at 0.04 cents??????

I going to cut and paste this and email it to BG International, because the market is blind.