new hartleys report, page-27

Fair points Dexter, you will note my post above where I gave you the time value point (and swallowed my cake :) ) ..... after discounting for time value say $50M Implied value. You will note that I have used the word implied as per above, implied value is just that 'what the deal implies the value to be if the deal proceeds all the way through to drill' ... yep they may never get to drill in which case the value will crash accordingly, although I do consider that more unlikely than likely (just my gut feeling there as Tullow don't tend to spend money where they don't drill).

When it comes to valuations in any case we could use different methods until the cows came home and come up with a range of values between $1 and $100 Billion .... until they find something commercial they are a gamble and a dream like every spec explorer. The trick is to try and find the ones that are a little better gamble than the others and to honest I wouldn't stand by my record in that department, I've picked 2 good ones and lost count of the bad ones :).

Anyways fingers crossed, if Sunbird comes in it'll be a pleasant surprise .... if it doesn't I think it'll be mid to late next year before any further action.