Value Microcaps Free-For-All

[Bobwins]

without having any previous financials with good production expenses for the North Sea, I think your guesstimates are in the ballpark. If they hit additional wells, I think their p/e ratio could end up in the 15 to 20 range and you could see additional price appreciation. I used $60/barrel to be a little conservative. Looks undervalued but until they start producing and giving us financials, it will be hard to guess. Once they do start giving us financials, it will be easier to value using cashflow instead of eps because the depletion calculation could be all over the map until we have more experience with the field, it's total resources and the rate of depletion.

Let's hope we are conservative, they hit their other exploratory field, their 4th Brenda well and nothing bad happens in the North Sea for awhile. Bob