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Gold/Mining/Energy : The Oil & Gas Elephant Hunt -- Ignore unavailable to you. Want to Upgrade?

To: lazarre who wrote (259)	5/26/2007 2:40:39 PM
From: Brinks	Read Replies (2) \| Respond to of 310

Marion Energy Analyst Report Patersons (Australian) Real Assets--About to see real earnings May 22, 2007 "We estimate that MAE is sitting on a large gas resource ( 200+ BCF) at Clear Creek, and circa 50+ BCF at Helper. U.S. market transaction data confirms why MAE is an asset play---and should MAE be successful in redeveloping Clear Creek/Helper/Jester Bloomington---it could have net reserves (2P) of 300+ BCF. Based on market transactions--MAE could potentially be worth around $ 800M ($2.70 share plus). We have also compared MAE to its Australian listed USA operating peer group (page 14). In terms of earnings, we are looking for A$108m on revenue line in FY 2008. NPAT of $ 39.8m, with EPS of 15----fhis places the stock on 4.1 times earnings. Relative to others Aussie's in the U.S.--the stock looks very good value."