Ann: Canadian Operations Update - Gryphon and Certus wells, page-14

Instead of a P/E ratio of 0.0 , lets assume a low P/E ratio is 4.1 and add in the current assets to derive the Market cap and its associated share price.

Market cap= Current Assets + 'P/E ratio' * 'next 12 months.Expected Earnings'

Put it into the table below:

		total for company	per share (cents)
1	Assume in 12 months current assets are	15,103,135	2.2
2	assume earnings4.5 million next 12 months	4,541,480
3	Assume low P/E Ratio of4.1	4.1
4	Market cap=Current Assets+P/E ratio*earnings	33,723,203	4.9
5	Potential Increase in SP from 1.5 cents		328%

The low p/e ratio reflects people environmental concerns.
If this pans out we could be looking at 228% share price rise above its current share price.
Have taken other poster advice to use a lower P/E ratio rather than industry sector average or mean.