Ann: June 2020 Quarterly Activities Report and Appendix 5B, page-12

This is what HotCopper is here for, to thrash out issues and help investors make decisions based on information rather than emotion "Logos over pathos" . The head needs to rule the passions and emotions.

I am trying to get an understanding of the sale value of Mahalo (in whole or part). I chose to represent the whole only as I have no idea what management may try and realise or succeed in doing so. If they sell a part they will have cash in the bank (after costs and tax) so that should be reflected in the share price also.

There are few transactions to base my metrics on and a lot of debate about realisable price, so in the end the buyers/sellers need to meet and decide. But if you discount the prices I have shown, you still have very material upside to the current share price.

Do you have a reference for the GJ cost of producing the gas? Does this include exploration? Capital costs etc? It would be great to have information that is comparable to work with?

Appreciate your input.

V