some calculations , page-29

The only reason for starting this post was to share some figures from my perspective and what could potentially occur in the future being Q1 2011. I wanted for my own purpose to stay focused on what is coming up (potentially). I agree with a lot the points put down and I would like to address a couple:

(1) The 60% to ADR's may very well be a issue for sure and good on Sandy for digging deeper and trying to get some answers. But then to have other posters who hold (may understand if you do not hold) to post that they will achieve nothing and we are being played while they continue to hold well to me is just trying to stir the pot, for what reason I do not know. My honest thoughts are if a takeover was in the wings there has been plenty of time to put it into place given the sp has not moved for a few months. Why would you wait until we get some news which will drive the sp higher and then drive the share price even higher with a takeover offer? If it was CHK why not just buy SSN when they bought the Niobrara land? I do not think this is their strategy - could be wrong but they appear to buy land rather than the company because I think they know to make an offer to buy the company they would have to pay a bigger premium than buying the land off of a company who porbably need's the money.

(2) I think that SSN aim was to get more shareholding in USA as I believe they see themselves as a USA "De Facto" company. This is part of owning this stock. I would like to know the top 20 ADR holders as I am sure many on the board would also like to know but even if a company had top 20 shareholding then they may not hold it in their name so we may not know who the benefical holder is anyway. But as I said would be good to know for transperancy. I guess for me it means if less shares in Aus and we get some positive news then could it mean we move higher quicker as there are less shares on offer in Aus and those left holding would be more of the LT holders?

(3) I take no offence of being a Diehard investor (I hold other shares instead of SSN) I like to think I am a diehard investor trying to understand and share thoughts of what is happening with all my investments. Everybody has a reason for investing and sharing information mine I like the numbers, others share great information on drilling results and techniques and others like to look deeper such as ADR holdings and so on. To me all good and you take out of if what is relevant to you. Let's face it investing is an emotional decision as it involves your own money so sometimes those emotions get the better of you.

My biggest issue with SSN is the failure to deliver (some was in their control and some out of their control) but this is the reason we have a stagnated and slowly declining sp. I am happy to give them the benefit of the doubt for this quarter on the basis they have done the groundwork to put everything in place but I expect to see results in Q1 2011, it really is time to deliver. The only other positive is oil has cracked $90 so now would be the ideal time to get moving. You cannot live off past glories forever.

One final point I am unsure of the final tax position so what I have done with my calulations is reduce the cash holding to a net positon of $50m after paying out the loan and tax (from estimate of $63m to end Dec 10). I always find if you elimate the excuses i.e. gotta pay high tax, then you can focus on what you have. Even at $50m we should have more than enough to implement the strategy put forward by the company. If they manage to pay less tax then all the better.

All the best.