wcl t/o metrics, page-5

considering what was said in the annual report

In last year’s annual report I referred to a
corporate transaction within Australia’s CSG
sector which had valued 2P and 3P gas
reserves being acquired at more than A$0.80
a GJ and A$0.50 a GJ respectively.
These metrics imply that the additional
reserves referred to above would be worth
about $30 million on a 2P basis or more than
$175 million on a 3P basis.
The recognition of 3P reserves in the newly
certified upper seams, as well as in the
deeper seams to a depth cut-off to 1,350
metres, also provides substantial further
upside for reserves maturation and growth

So 725pj at 3p at 50 cents = 362 mill plus cash 34 mill plus plant and equipment 23.6 mill and other plant and equipment 9.7 mill = 429 mill into 356 mill shares = $1.20
per share.

Tui i think you mean $1.20. A nice round figure thou.

Even on a 258pj 2p basis is 206.4 mill +34+23.6+9.7= 273.70 into 356m shares is 77 cents per share.

So somewhere inbetween is just fine by me.

Westside should have charged LNG a due diligence tolling fee for stuffing us all around!!!!

Anyway i picked this up from the annual report as well

Arguably, WestSide is still trading at a
significant discount to the underlying value
of the Meridian SeamGas business, but as
production volumes continue to increase and
higher gas prices loom closer, the full value
of WestSide’s 51 per cent interest in this
operation should become more apparent

Anyway Jake i think if Petro miss out on us then they could possibly think about building a brand new head office for LNG to move into on the stranded piece of dirt.

I am with you guys on the price. Start at 77 cents and see what happens. Hoping for a bidding war. LNG and PetroChina deserve to have some competition to bid against.

WCL have all the options, a GSA at 8 to 10 dollars a gj is going to be huge. 1.7 to 2.2 BILLION over 20 years.

At least we have some type of timeframe
So should be an interesting 5 weeks
Still wonder what Mitsui are going to do ? Will they sell out also at the right price!

We will see the Sept Qtr report within 2 weeks so will be interesting to see what production increases have occurred.

Good luck all, it's been a long long wait and hopefully our patience will pay off.