independent export guilty of understatement, page-7

Hi Ric,
It would be interesting to see an updated valuation, but given there is an Independent Expert Report published recently, I think most analysts would be very wary. Only shareholders, like myself that do not have anything lose in the wider wholesale investment community, can (reasonably) safely walk out on this particular limb!

However, there have been several reports done since the new Longtom Gas Sales Agreement and sell-down to 15% of Crux. I have included these in my report, and simply deducted the known events since they were done to arrive at an adjusted valuation. Have a look on the NexusBattle website. The adjusted valuations that I derived from the analyst reports was 14.8 cps and 10.7 cps. Both of these were fairly conservative on the valuations attributed to Exploration Assets (in my opinion). The earlier BBY report is the one that shines the light on the potential of a "successful" outcome from Auriga and Caelum wells.

When we receive the Deloitte response, they will (once again) be silent on these valuations. I think this would be reasonable, this can't devolve into a my-valuation-is-better-than-your-valuation argument. I did include them, though, as evidence of Deloitte's significantly lower exploration valuation.

Unfortunately, the analyst reports cannot be distributed publicly without NexusBattle or myself being jumped upon by lawyers. I did call BBY for their permission ... boy did they want to run away from me very quickly! They said that their compliance officer who makes these decisions would call me ... never did!