CALIMA ENERGY - Positive Outlook, page-26

A valid contribution, Dan.

Whilst NPV is a useful tool in reflecting and standardising the value of an undeveloped/unrealised future asset, it would not be possible to accurately calculate the NPV without detailed knowledge of cash inflows and cash outflows in relation to the asset (something that an investor who is external to the company's board would not have easy access to).

As a result, I intentionally did not present my calculations as reflective of a standardised NPV.

I also intentionally showed how I arrived at my figures so that any reader could/would make their own judgments in relation to the presented figures.

Thanks.