Personally I am expecting a little rerating of BOW through the...

Personally I am expecting a little rerating of BOW through the holiday period. As a case for expectation leading the underpinning value in the company, I would expect that the recent results from Comet would continue to support this kind of action leading to a little bit of an overspeed and then a slow down in the new year as people await further "direction" from the pilot at Blackwater and the Norwich drilling.

The recently announced reserves were already built into the share price.

The Burgrove measures from Blackwater have been announced as being expected by eoy. I think people should also keep in mind how quickly reserves were turned around from Blackwaters rangal coals. With coring finished in Comet back in August, there could also be additional reserves/contingent reserves from these by the end of the year pending the success of the permeability testing they were doing.

So revising my opinion of BOWs reserves outlook, i think we are on track for some price action in the coming months:

Q4 09 - 2P initial and 3P from Blackwater; 3P from Comet.
Q1 10 - 2P from Blackwater; 3P from Norwich.
Q2 10 - 2P fom Blackwater; 2P from Comet;
Q3/4 - 10 - 2P from Norwich

Cheers,

SF