Very much dependent on the gas\oil price to try predict the...

Very much dependent on the gas\oil price to try predict the future... IF current pricing then we can guessimate earnings over near 60Mil in 2012.
100Mil minus costs if Well 2 a goer and Gas Plant all running.

Worst case is Well 1 income only- if on current pricing they expect near 60 Mil pa when they let loose on flow rate.

Gas Plant built by 2012 so we keep the 17% free ride... meaning approx 60% of revenue. being approx 38Mil profits pa.

On a PE x10 forwards earnings basis this is 380Mil MC.

Easy to see upside on this Coy, little downside... main downside is a large correction in Oil\Gas will harm us greatly. But we will now live through any correction whilst most others would not.

Risk reward basis at 100M MC it is a winner... any reserves proven in Well 2 in the ST will greatly increase the current SP and rerate very quickly. Based on a forward earnings of 50-80Mil pa in 2012. Is a billion dollar Coy possible for 2013? As a holder I will say yes- lol yet I am biased.

Would need Well 3 online and in production as well for this to happen. Yet only need cashflow over 30 mil and MC over 300Mil over a period of time to gain entry into ASX300, on average. Then we looked at by all the Managed Funds... better value applied towards PE= 15 more likely on high growth.

Forget it if Oil\Gas corrects by half again is the disclaimer... in this period. As risk exited the market in the last month- we will hopefully see some risk reenter for bigger gains.

Cheers........