fortune oil going troppo, page-38

sorry for not putting in the detail how I come to the $1 (or $5 post consolidation).

MPO has some 900m shares or so. So the $1 gives a capital value of some $900-1000m. given the assumption of $2m per 1Pj of 2P certified reserves, MPO needs some 500PJ of 2P. ESG is in the same boat in that it also requires 500Pj of 2P reserves to satisfiy its MOU with Macquarie Generation. ESG will achieve this by 2008. The advantage that MPO has over ESG is that it has a number of projects china, qld, glouster and South africa which are all progressing one way or another. until it gets the 2P certification it cant do any contracts.

given the MPO has made waves to get 2P certification asap, the 500Pj may be earlier but 30 June 2008 is good.

MPO is a keeper