hold or sell?, page-3

Buy for mine - on current volumes at a $9.30 gas price (triple what we currently get)we would be making a $25 million operational profit. Expand to 30 TJ/D without taking into account economies of scale and you are looking at 75 million operational profit per year. Current MC is 58 million.

Put a P/E ratio of 6 on 75 million and you are looking at a MC of 450 million - or a shareprice of roughly $1.24 prior to any dilution (not that I am expecting any - a strike/orica type deal or debt financing based on field evaluation). A P/E of 12 would be approximately $2.48, so pick a price anywhere in the middle. We are currently 16 cents and talking of not going to 30 PJ/D, but 60. Enough said.