its been a long time, page-3

Something to think about.

I have not come across a statement from AWE on what their average price received per barrel of oil was for the 07/08 financial year. However, NZ Oil & Gas stated they received an average price of US$100/bbl for their oil for the 07/08 year so I am somewhat comfortable with assuming AWE is close to that figure.

BPT's comments in their announcement today quote Tapis averaged AUD$149-19 per barrel during July and AUD$141-00 for August.

Tapis closed last Friday at approx US$111 which equated to about AUD$135 on an 82cent exchange rate.

Oil slipped again and so did our dollar, though Tapis still commands a premium to WTI of approx US$5.

So even with the expected drop in production from the Tui field which is somewhat offset with the increased production from ARC's assets plus an exchange rate that is saving it's bacon the share price drop would appear to be a bit overdone given the comparative form of other local producers and their respective P/E's going forward.

MI