Pixie, I know this sounds terribly negative. I m trying to get...

Pixie, I know this sounds terribly negative. I m trying to get some rational analysis of the situation and keep emotions out of it.

As I said I m not an expert on the CBM but in order to consider the best case scenario you have to exclude the CMM assets, meaning that we end up with the CBM assets only. Also you have to take into consideration that the debt pledge is on Gazonor which includes the CMM as well as Gazonor's CBM asset. So let s say to be optimistic that we end up with all the CBM assets excluding Gazonor and that Transcor doesn t ask any of the other CBM asset.

So if we exclude Gazonor, Lorraine is obviously the most important asset for us and I agree with you on this point invertedva. There is no question there is gas in the ground as it has been proven by the company and the company who owned the lease before them. That s why I purchased some shares. The big problem seems to be to extract the gas. From what I understand the company has been totally unable to do it in any meaningful and economic way. I think it is because the ground is very different than in Australia due to the low permeability but as I said I need your help there as I m not knowledgeable enough. Does anybody have a clue about this, has anybody spoken to management to get some info? The other thing is that it is a chicken and an egg problem. You need funding in order to be able to prove the gas flow as it is likely to require sophisticated equipments but with the debt overhang nobody is willing to fund the company.

Basically in the best case scenario we have to put a value on the CBM assets and I have great difficulty doing this at this stage .Then you have to put a probability on the best case scenario and 0 for the worst case scenario. Happy to hear about your views.