While we are on valuations at yesterdays close our MC divided by...

While we are on valuations at yesterdays close our MC divided by our net 86Mmbbls 2c had a valuation of $US 3.2 barrel which I think would a minimum someone would need to pay FAR who is not a motivated seller and also doesn't need to sell.

Now IF the next resources upgrade takes us to around 700Mmbbls or 104Mmbbls 2C net to FAR and at $ US 3.2 Barrel that would make SNE worth $AU435 + we have $60Mil cash ...now that amount of cash would get DB excited and he would have us off drilling DJ by ourselves with plenty of cash to spare..

So WPL have paid $US2.2 Barrel to a motivated seller at a low in the oil price that $US 2.2 barrel itself is in some doubt for at the time of the deal the 2C was 330Mmbbls 2C although WPL are mentioning the current FAR estimate of 560 Mmbbls 2C.

In a nutshell I believe our closing price yesterday was close to fair value on our current net 84Mmbbls 2C of SNE at this stage on proccedings and at todays price would be undervalued...

Cheers Whisky