Ann: Borba Gas Shows Continue in Key Target Formations, page-211

While we wait, it is good to research how other oil/gas exploration companies have been valued by the current market..... valued for what ever reason / for what they may or may not have discovered.

When considering comparing SGC for instance against any other listed company you do need to consider the 3way split which Borba is associated with. Unlike 88E..... we don’t hold 100% WI in this project and the fact that 20% goes out in Royalties for the privilege to have access to Drill on this land, punters may look at this as a consideration when valuing SGC.

SGC 53% (WI 66.66%)
Royalties 20%
XST 27% (WI 33.33%)

To value Borba as a $1Bill play in the future it might be considered that the market values it accordingly to the 3way split as seen above. Maybe..... maybe not. It’s just a consideration.

In turn SGC would be valued around the $530Mill mark and have a fully diluted share price of around 82c

Just my thoughts, no right or wrong.

JW