up 20%, page-2

Short summary on GLL:

GLL has 2 tenements in Galilee basin near Mt Isa ? I note that behemoth CNOOC (Chinese National Oil Co) is in a JV with Australian listed tiddler, Exoma Energy also in Galilee Basin. CNOOC has spent $50mil here on Exoma
From talking with Westside Energy CEO (WCL ? another coal seam gas company partnered with British Gas in Galilee Basin), the Chinese may think there is potential for shale gas here

$11.6mil in cash at end of Dec Qtr, another $35mil to come from sale to Bathhurst Resources ? this amount is contingent upon NZ govt regulatory approvals and is expected to complete by March

$46.6mil cash - $3mil debt, divided by 152,140,466 shares on issue = 29c/share in cash alone (excluded value of other assets). Last traded price 24c

50/50 JV with AGL

Potentially a 20TCF gas resource in place