qn for kwaidan1

K, you mentioned the value of Schwing#2 upon confirmation of gas shows and accompanying oil at $70m to $80m US for AMU. Is this an early stage valuation, because as you say, the projected net cash flow from this project is $44mUS/annum (24cps) for AMU based on daily production of 7.5mmcf of gas and 500 barrels of oil, which is obviously worth a lot more than $70m to $80m US. Mind you these numbers relate to a 4 well development.

Interestingly, Bill Gruy at the AGM placed a value on the Schwing 2 project of $2.40/ AMU share....refer AGM presentation..pages 50 through 53, posted to ASX on 26/10/07.

Interested also in your comment regarding the reserve beneath this project at 10 times. I had not heard that previously. Can you tell us more about this please.