how can it go up, page-2

Peter depends on what you look at to decide value.

Linc oil and gas 1P and 2P looks set to keep increasing with drilling activity planned - adds to value of oil assets. Watch this space for the quarterly update on gulf coast production and then by end of March quarter for Umiat results.

Coal price has reached bottom of its price cycle and is on the way back slowly. Teresa and other coal tenements value has a linkage to that.

Teresa EIS process underway along with infill drilling to reduce project risk. Adds to value of that asset.

UCG>L technology development has reached a level of evolution such that commercial project approval could be months away in a number of opportunities. GCL, QLD, Poland, Other...

Yes debt position is at less attractive interest rate but capital raising is avoided and it has bought enough time for Umiat exploration and Gulf Coast agressive production increases to get to the next stage.