news?, page-3

re: more news next week? We should be getting some progress updates on Yellowbank creek 4 from EPE after the next few days.

Cheap at current levels.

Received a reply from Huntley on EPE.

Huntleys Valuation on EPE
_________________________

Cash/Acreage.....................=$5,000,000
Smegsy-1 (interest of 25%).......=$5,000,000
Yellowbank Creek.................=$50,000,000
Interest/Ownership...............= 85% after recovering drilling cost then reverts to 50%
Field Size.......................= 5.2 million barrels of oil
NPV per barrel...................=$25.00
NPV to EPE.......................=$65,000,000 = $1.01 per share
Total............................=$75,000,000 = $1.17 per share

(NPV = Net Potential Value)

Interesting calculation by Huntley.
He based the Oil price at a minimum price of AUD$25.00

Although, EPE actually get AUD$50.00 per barrel (as said by Warren Lesile - Director)

Base it on AUD$50.00 per barrel and the value is even greater!!


SYDNEY, Dec 30 AAP - The Australian share market marched higher at the open to new record intraday highs as oil related stocks lifted after the price of crude oil jumped back above $US43 a barrel.

"The (Aust) market is advancing steadily but in low volume," said Bill Bishop, private client adviser at ABN AMRO Morgans. "Resources are up with oil and banks are also healthily ahead."

In New York blue-chip stocks ended lower after the price of crude oil surged and a weak dollar prompted profit taking. Crude oil futures moved back above $US43 again higher after the US Energy Department's latest weekly petroleum inventory report showed a drop-off in the nation's crude reserves. Crude oil was at $US43.64, up $US1.87, on the New York Mercantile Exchange.




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