if magnolia is a dud, what price norwest?, page-4

NWE will have about 6 cents in cash, 1 cent in Jingemia,
hard to put a price on the USA after Tennessee problems but say 2 cents, North Sea hard to value because of dilution as time goes on but say 2 -5 cents and even if Magnolia fails, the lease and the knowledge will still be worth a couple of cents.

These are hard valuations based upon a dissapointed market.

I'm happy with a fall back position of 12 cents but who knows what the market will do on the day. Maybe an over reaction to 10 cents.

Let's hope Magnolia comes up with the goods.

MT.