whereto now, page-4

deeman...

CBM in Australia, is valued at anything from .2Pj per $1m of market cap, to about 1.5Pj per $1m.

Pj = energy value
tcf = volume

1 bcf = 1.08Pj
1,400bcf (1.4tcf) = 1,512Pj

MPO get 20% after the China partner backs in...this equates to 302Pj

Using a mid-case peer comparison of 1Pj/$1m of market cap (2P reserves), gives us $302m of potential market cap per Pj.

This equates to about 40c per MPO share...and does not account for premium gas prices in China.

Alternatively, using the EIG agreement with AOE as a guide, where they will pay a total of $225m to AOE for just 50% of 750Pj...or in other words, they are paying $225m for 375Pj.

This equates to $600K per Pj... a little less than the MPO example, but perhaps appropriate given it is in Australia and not subject to the Chinese premiums?

Anyway...using $600K per Pj gives us $181m of market cap...or 24c per share.

Remember..these numbers are just for China...and make no allowance what-so-ever for their other assets!

If we were to adopt the QGC Takeover numbers...MPO would be valued even higher.

Cheers!