wcl takeover

WCL has been offered 65c/share in takeover offer...

My very quick rough calcs are:

That gives WCL MC of $165m. Not a massive follower of WCL, but they are literally right next door to MPO's QLD CSG so VERY RELEVANT to the Mungi sale.

Reserves as at the annual report for WCL was 221PJ 2P, and 369.5PJ of 3P. This roughly equates to 75c/GJ for 2P and 45c/GJ for 3P.

MPO's QLD reserves are 328PJ 2P and 789PJ 3P.

That gives $246m or $355m. Note this doesn't take into account cash in bank of WCL or its production assets... but still.... goes to show that MPO should deliver a good result with the Mungi sale!!!

Watch this space. Hope I got these figures right... have only done them quickly!!