Ann: Sugarkane Field Reserves Update for Debt Fac, page-13

re: Ann: Sugarkane Field Reserves Update for ... The CBA report was published on Sept 22 and states on page 2, "We see material reserves upside from completion improvements, enhanced recovery per well and tighter well spacing - 30% reserves growth would justify valuations of >$4.50ps."

In our reserve update from 30/9 we have had "on a BOE basis, these figures represent a 99% increase in the 1P reserves and a 90% increase to the 2P reserves since the last reserves update as at 31 December 2010"

My question is, what valuation does this now justify?

I know we are in a spot of bother with Greece, Europe and the rest, but is there anywhere else that you would consider parking your money? Where is this puppy going to be by end of 2012.

I am continually asking myself should I just sell the lot and sit in cash and wait for this to pass but then I keep thinking about what this company has already achieved and what is on the (very near) horizon. I continue to hold and hope that sanity prevails so that we can start seeing an SP that better reflects what these guys have and continue to achieve.