takeover!, page-44

Hi EddieRobinson,

Just my uninformed thoughts,

Eagleford should be worth $ US 230 Mil plus. (2,300 * 100K per flowing barrel. Plus because production will be higher as numbers are dated) US buyer Assumed or AUT.

AAL $ US 188 Mil plus (Santos buyin price, Plus because they have had time to plan extra recoveries from lower sand). Singapore buyer or Santos Assumed.

Leaving all the Australian Assets plus $US 40 mil odd cash.

So AUT or Santos could buy and sell what is not core to them. Origin could bid for Bass straight. Or other bidder looking for cheap feed for LNG plant.

If Eagleford + AAL is 230 + 188 = $us 418 + $US 40 Mil Cash = about AUD $ 510 plus the Jewel Bass straight.

Cash may be higher as I believe AWE is strongly cash flow positive.

Also TUI and Cliffhead are worth something.

So I would be surprised if first bid is only bid. Note the timing is close to xmas when all go on holiday. Coincidence?