chick chick boom, page-21

Just to put this in context, as a statement of.fact, some WCL shareholders are expecting a sale of their assets to the tune of $300m when compared to a similar resource size and location of MPO which went for $41m?

I would be very surprised if WCL assets sold out for $1+; I think that if WCL management were intent on creating that kind of value for holders, then it might be reasonable to expect that we will end up with a GSA.

Another possible outcome might be a partial sale which retains the company structure, but derisks future capital requirements to develop the field. I think this option is less likely.

The longer this draws on the worse it is for LNG who have expressed no alternatives for supply. I am sure the bigger players wouldn't sell their gas so cheaply, and for this reason, Julie and the team can hold out and frustrate the sales process as much as they want to!

EXCLUSIVITY = sellers market!

SF