in pre open ! , page-6

re: now trading One of the interesting parts for valuation is whether they ever get to pay a dividend. I think by end of 2005 if cash reserves are big enough, they should consider it.

The NIL valuation from Ian for the onshore Louisiana stuff has some potential for upside. It may be bigger than we think.

Also, some of things they are drilling or plan to drill are cheaper to develop than some of the stuff they have in production already. I think the risk associated with upcoming drilling is not as high as some of the things drilling last year.