Ann: Trading Halt , page-25

Hi Guys

This is my opinion only;
This announcement came with better news than was anticipated due to two simple calculations:

25% of FSE shares sold for $8m
10% of the right was sold for $13m
60% of project is owned by FSE

Therefore current project value:

(13m x10)+(8 x4)=$162m

this values FSE @$97m

This translate to $97m/3bill shares =approx $0.032 per share.

I originally thought the same thing the this deal was no different to TATA, but in fact it opens up the doors to more viable bid.

My only concern is how fast management goes from here to unlock this resource.

Please remember, this is my opinion only.

cheers

bouhr