fyi - from broker csfb...SALTYAustralian Worldwide Exploration -...

fyi - from broker csfb...
SALTY

Australian Worldwide Exploration - Target price increase

The company appears poised to deliver strong project growth, with three firm
developments and one contingent new project set to commence in the period 18 to
24 months from 30 June 2004. The challenge we see for the company is to continue
the production and earnings momentum beyond 2007. Does the exploration acreage
have enough potential to push the production curve, or are acquisitions on the
agenda? We have lifted our target price to from A$1.84 to A$1.91 (+4%) based on
a 12-month forward valuation, although we believe success in the remainder of
the current exploration programme could result in share-price performance in
excess of this level.