ph2:

>Personally $3.5 sounds very good to me <

I have lost count of the number of shares outstanding. Unfortunatily, the vast issued, outstanding count is what may make your guess closer than John's. Somewhere in between--would be my hope !

Assuming favorable test results, there are still three risks that cause me to think a buyout at the best available price might be a better choice for us "small" shareholders than riding along if FO attempts to become a Hugarian production company:

There is a political risk in Hungary if a new government comes to power. I understand the EU has set certain standards, but the EU's enforcement is questionable. Hungary dependence on Russian gas is a volitile national issue that could be used to fan bitter flames of Resource Nationalism.

If the Recession (Depression) continues, the value of gas reserves in the ground may decline substantially over time.

The premium price of NG in Hungary and the EU is temporary!! As shale gas has reduced the price of US NG by 1/3 to 1/2, a combination of unconventional EU gas and LNG will, in time, destroy Russia's monopoly and reduce the premium gas price in Hungary and the EU to near the '"world price." Prices will start to decline long before less expensive Ng is actually available to displace Russian gas or high priced domestic gas. The "market" will see change coming. I think it may provide us a highter return if FO sell while the premium gas price persists and fears of Russian shut-ins are pervasive.

Well capitalized companies such as EOM are in a much better postion to weather these risks than FO.

jmo

Oldwine