sensible answers, page-2

Hi Billy,

I have a bottom line valuation of 25 cts per share.
This is calculated at $15/oil in ground looking at 11 mmbo NDO share from the galloc field and producing fields only.
Gas in north sea gas worth 10million

Now with the high oil price we shoud allow $20/barrel in ground I believe this would add another 55 million to Mcap and another 8 cents/share
This would then give us a share price of 33 cents

The big question remains how much oil Galoc holds if it is 50 mmbls recoverable the above calculations are justified.

Now for the new Palawan acreage I have not caculated any possible upside but this could well (and I think it wil be) the maker of the company.

Cash in bank calculated at $5.9 million
Oil production current 195 bod

So for now,anywhere from 25 cts/share to 33 cts/share can be expected as long as the high oil prices are goin to stay with us.

jojo