Ann: Half Yearly Report and Accounts, page-9

Oranje,

If you are going to ignore the 800m shares that have diluted us to hell, you must deduct the $65m that those shares raised. One must compare apples with apples. The increase in the NTA is almost entirely explained by the cash raised by the sale of those shares.

I have not bothered to analyse the movement in equity other than to note the step down in PSC asset value in Indonesia - which could be due to the Bakrie deal, or it could be because we are on the final leg of this PSC. However I do not hold much stock in the number as the main determinant is management's assessment of future cashflow. Given their predictions have been about 15 years wrong, even at a relatively modest 5% and assuming the number is right, their valuation needs to be halved just on timing alone. Assets are essentially valued at whatever they can convince EY to agree to.

Nonetheless, I think we should expect SE to open the kimono soon. The PPA will soon reveal whether the treasures in Indo are ripe or have withered away and dried up with old age. Knowing our luck there will be a little Bakrie growing under the said kimono. The completion of the substation in the Philippines will reveal whether the Pagbilao project will ever be consummated.