sean conlan, page-21

golfzoner,

ypu are right that nobody knows the reserves. That is no different to any other mining company! They consider the possible reserves as disclosed by the company, consider the area and results coming through and then work out a likelihood of success.

All they are doing is saying that based upon a XX% of success, then this may be the value. If they get a few successes, then the XX% will increase and so will the value they place on it.

It is all numbers and spreadsheets and really is the only guidance. Otherwise, you can simply place any value on the company. What's more, it is not simply about what is in the ground. It is about whether and how economically it can be extracted. There are plenty of mines and gas fields out there containing strong resource, however, they are worth very little as the success is developing is low or uneconomical at current prices.

ANyway, I've said enough. Good luck, and as I have said, I'm actually looking into investing in it once I get my head around a risk/reward payoff.