What a bucket of slop, page-81

PhillW,

I would say that the 3/bo should be closer to 3.74/bo. I say that because WPL's figure of 2.20 is just an opportunistic "Just look at what we managed to do" figure. I always believe that their decision was based on the then known 330 mil and NOT the 560 mil; and looking back at PC's attitude towards FAR really confirmed that for me.

The 2.20/bo really back fired, cause, FAR probably would have not PE otherwise as a higher price would not have given FAR any room to on sell, or at least more difficult to raise the funds necessary.

I work it out this way, correct me if I am wrong, also instead of allowing for Kenya, GB etc, I allowed 100 mil from DJ to cover everything.

(320+100)*3.74=$US1570 mil
1570-430=1140
1140/0.75=$Aud1520 mil
1520 + 52=$Aud1572 mil
$Aud1572 mil /4500 mil shares = 0.35c/share. But then I am always optimistic.

Over 4 x current SP. A TO was my hope, but would WPL entertain us?

On the matter of the PE, we now are obviously way outside the original 30 day period and yet there is no "chest beating" from WPL about contract been submitted and waiting for gov't approval. This tells me that we must be in the PE reset period.

If FAR is serious (and why wouldn't they be, this is not a game!) they should be ready to exercise the PE and an announcement must be due soon surely. If FAR can on sell with a good profit, say 4.00-2.20/bo, they can afford to give us a special divi and still have money for drilling.

2.20 would really go down in history as a magic number.

KKW