Gilbert, if you want to check out previous spreadsheet issues...

Gilbert, if you want to check out previous spreadsheet issues and assumptions just type into the HC search field - they don't come up in order, but they are all there.

Many are surprised at the prices I've arrived at or just do not agree with what I have done. Perhaps that's in part because of not being used to the somewhat "novel" approach I have taken in trying to predict actual market price rather than provide the usual "value estimates" as seen in broker type reports.

In the end they are just a "what if" scenarios based on whatever the reserves/resources turn out to be, using the many assumptions made and displayed on the full sheets. If you don't agree with the oil values used, choose a higher value column to reflect your opinion. You can also use the full sheets as a cheater for the full prospect listings, the sheet values are not just based on SNE alone.

The 2C and pre-2C oil value assumptions were actually checked against the original market price when the sheets were set up. The prices projected for post appraisal 2P "proven" oil values are yet to be tested in the market and many believe them to be too conservative. Only time will tell.

Meanwhile, with the news SNE3 has sufficient promise to warrant testing, I think we are well past any "disaster" outcomes in terms of the resource and if the oil price goes back up, then so will the shares!

pj

PS Apologies to those in the know for repeating all this stuff again, beginning to sound like a TV advert and that is something I would normally strive to avoid, just responding to Gilbert's interest.