Goldman Sachs - Value of SNE :), page-17

Whisky,

Let's talk about the FAR share price rather than SNE price, which is then SNE + Gambia + Kenya + Oz interest + cash. That implied valuation by GS is only for SNE, which is then 916 mil/0.77/5400mil = 23c.

SNE = 23
Gambia = 23 (would have to be at least that)
Kenya = ?? (See what Milo comes up with)
Oz = ?? (probably zilch ATM)
Cash = 1c ( 50 mil end Dec)

Total =47c/share

AJLD,

As for "the long haul - at least the end of this year." Can I fast track that to middle of the year? for the following reasons.
Drilling in 3Q in Gambia, so the farm out has to be completed in the next couple of months at the latest.
PE is going as planned I was told (I guess we have planned to succeed), latest is 12 months. That is June. This will be game changing for FAR.

I guess then FAR SP would have to be 47c x game changing factor (50% of SNE anybody???).



KKW