Hi CV I am not saying that if after drilling a few more wells...

Hi CV

I am not saying that if after drilling a few more wells into the FAN structure and come up with say an average of 100m net pay over the structure we will not have a mid case billion barrels 2p/2c to our credit for Beer. Its just that aqua has dumped 6 billion barrels recoverable into the "current" section of his spreadsheet alongside the 330mb 2C for SNE as if it were afforded the same status NOW, and that is plainly, for the reasons explained, just not the case. A current valuation of $0.11 for SNE and $1.69 for FAN as he has it is plainly absurd. Aqua may want to correct that and re-locate it into the optimistic future haze sections of his spreadsheet, but had best make sure he allows for the dilutional costs required for us to get there.

pj