Quick Calcs - Existing Deal vs OSH

[Indoreservoir]

Values in $/share
49.68 million shares out
OSH
Certification	TCF	6.2	6.5	7	7.5	8	10	12
Share		$40.25	$40.25	$40.25	$40.25	$40.25	$40.25	$40.25
CVR		$0.00	$1.80	$4.84	$7.86	$10.88	$22.48	$35.08
Total		$40	$42	$45	$48	$51	$63	$75
Existing
Share Price		$31	$31	$31	$31	$31	$31	$31
Resource		$4.4	$6.8	$10.9	$14.9	$18.9	$35.1	$51.3
FID		$10.4	$10.4	$10.4	$10.4	$10.4	$10.4	$10.4
First Cargo		$1.3	$1.3	$1.3	$1.3	$1.3	$1.3	$1.3
Total		$47	$50	$54	$58	$62	$78	$94
Questions/comments	1. what does open market share price do as we get the $?  Stay same or rise/drop?
	2. Why did they start at 6.2 TCF, and end their table at 8 TCF - a signal?
	3. They make a big deal about the premia - makes the deal look better
	4. They don't value the existing deal with the value of the LNG plant.

Did these numbers quickly, so srry if there are errors.  Friday night so going for a bir.

Other questions

1. how would our share price react to the resource payments, oil price etc?

2. didn't discount the First cargo payment, but its minor anyway on a $/share basis

3. how to value the LNG plant? how to pay for it, or our 36.5% share?  key questions I think.

[Stavros]

Indo:

As OSH Shareholders we will supposedly get the benefits of:

1. The new LNG plant
2. Operation (revenue) of existing LNG plant
3. Increase of Oil Price over time
4. Resources
5. A 2% Dividend

HOWEVER ...

1. We would only get 14% of the new/larger OSH. We should get close to 30%; I'll take 25% as a compromise
2. The CVR should be at US$ 1.00 per mcfe above 6.2 Tcfe; NOT US$ 0.77 per mcfe
3. TOTAL is getting 60% of the other assets for too low a price

TOTAL and OSH categorize as being GREAT for their companies
Why do they both say how GREAT the deal is for them?
Because we IOC Shareholders are being SCREWED you know where and you know by whom

ENJOY YOUR COLD ONE (or many))!