extremely negative article, page-29

Hopefully a reciprocal for the big cat then, Dex. The appeal of intra-century investments will be the remarkably predictable dividend stream. You could expect that an equity position in a dividend model such as this would look very good on the books of more conservative and well-financed investors.

Dr Woood, I haven't had a chance to repeat your figures. Could you please post the formula or the data you used, as my PV calculations are coming out significantly higher than the figures you quoted. If I don't hear from you I'll jot them down later and see if I can reconcile my figures with yours.

I wouldn't be holding my breath for international diversification, Peter. Management have stated on several occasions that Australia will be the focus of their operations, and frankly, I can't imagine them having the extra resource capacity for quite a few years. Have you heard anything to the contrary? India would knock the socks off the Hunter Valley project, with enormous subsidies (often larger than our current wholesale prices) being offered in a desperate bid to stave off a continuing infrastructure meltdown. Perhaps the lack of diversification was a contributing factor to De Graaf's departure from the team?

Kashga, I agree that the well itself does not cost so much, though there will be the cost of additional Lightning Rigs to divide amongst them. At first I kept coming to $12M/well, though $15M covers the advent of well failures (still possible as spalling threatens the drill equipment and the well integrity) and likely severe cost inflation.

I've collected my SPP funds now, just need to wait two more days for them to settle and I'll B*Pay the accounts. With the SPP shares accounting for a relatively minor percentage of the issued capital, it seems unlikely to me that the price will necessarily track back to $1.50, especially if GDY can produce some news regarding the flow tests or the successful completion of their seconf commercial scale well.