excellence oil gas, page-37

DG,

You thought that my valuation of 4 cents was light given some of the valuations that have been done in the past by other more reputable people.

You may well be right.

If you go to the first figures that I quoted and use them instead of the discounted figures then the result would have been 16 cents.
Clearly the market is more apprehensive than I, at the moment.

Maybe after the results come out the market will rerate NWE positively as I firmly believe that they are inappropriately priced at present.