back of the envelope valuation, page-29

If this does hit what they want, an end of year dividend would be almost guaranteed. Timetable would be:

* Reach depth by end of Feb;
* Start producing by end of May;
* By the time they finalise accounts, and need to decide on course of action, the well would have been producing for at least 3 months, so stability of flow established.

I'd say a 1 cent teaser to start off with, with the Dec 08 half year maybe higher depending on flow rates and other drilling in the meantime.

All speculation, but a nice thought for the evening.

MJS