Case not quite closed yet.
First, you must admit that I did not 'make up the numbers,' as you stated in #16689, since the numbers I quoted come from the company's website.
Secondly, there is no evidence -- other than your assertion -- of updated numbers, and indeed there is contrary evidence of no new numbers:
- The company has published press releases since December 23, 2009, and the numbers used tie exactly to the Octoer 23, 2008 report, and even quote from it. Specifically, please review the March 5, 2010 PR.
- The June 24 PR announcing the extension of the rights offering period also included numbers from the October 23, 2008 report (the $2.2B valuation for Thunderbolt and Bellevue: mean estimate * $5/bbl). Any updated information would need to be in this PR, seems to me.
- You -- and the Company -- have quoted no numbers that are different from the RPS Energy October 2008 report, suggesting that the December, 2009 report is simply a summary.
- If in fact the report from which you quote has newer, scientifically derived, credible, more favorable numbers to EEGC -- why NOT publish it, to help the pps and encourage participation in the RO?
Thirdly, I'm a bit surprised at your reference to an unpublished report, as you have consistently advised this board that you have no inside information. However, if I am right about the unpublished December 2009 report being a summary of the published report -- as I strongly state above -- you do not have 'inside information,' at least on this subject.
I recognize you are the 'guru' of the iHUB EEGC board, and cheerleader in chief, but for me data is key. And in this case it supports my position. NOW we can close the case? :)
Speaking of which -- in reviewing past PRs to prepare this posting, I noticed that the above mentioned March 5, PR does explain why the company selected $5/barrel as a valuation metric: "comparative sales value on the Australian mainland of undiscovered prospective resources." Others here can comment on whether EEGC's estimates fit the industry definition of 'undiscovered prospective resource,' I recall a lot of discussion on that months ago but can't recall the outcome.
