SHARE VALUATION
Johnston Carmichael CA, Aberdeen was again appointed to provide a share valuation for the shares Trading Day of 31 August 2008.
The agreed value of a £1 Ordinary share is now £7.51 compared with £3.42 last year
The main reasons for the significant improvement in the share price have been
- The substantial increase in production from the Justin Field,
- The uplift in reserves in that Field and
- The enhanced gas and oil prices.
All revenues and a significant proportion of the Company’s costs are denominated in US dollars but the price per share is stated in Sterling. Accordingly the valuation is and will continue to be susceptible to exchange rate fluctuations
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