text from announcement, page-7

The difficulty is not to put a value on NWE but to figure out what the market will do with it.

There are just not enough institutions or investors prepared to support this type of company at the moment to get the value.

NWE have cash and cash flow worth about 6 cents per share, then Appalachians worth about 5 cents per share, then Tennessee if successful worth about 10 cents per share, then North Sea worth about 20 cents per share, then India no value yet but could be a company maker by itself.

Success at Magnolia is worth $1.00 per share. 4 to1 shot so worth 25 cents now.

NWE worth 50 cents to $1.50 but market struggling to pay 14 cents.

Our institutions don't support our companies unless someone makes a take over offer, then we want the Government to protect them. Why we don't buy shares in our own companies is an Australian problem. We don't think anything Australian is any good.

Cheers,