Actually, my $1.35 risked valuation is very conservative. As you said, the market values 1 trillion cubic feet of gas at about 1 billion dollars in NorthAmerica, wherethe price of natural gas is averaging around $3.50 per thousand cubic feet. However, the European natural gas import price is averagingabout $11.50 per thousand cubic feet. More than triple of the North American prices, consequently this gives us a much higher value per trillion cubic feet of gas. Thenagain the Asian natural gas prices are even higher, in Japan the spot price can be as high as $18. Therefore, the combined value of the 107 TCF gas in the Mako and Beetaloo is about 300 billion dollars. But wait, there’s an estimated 18 billion barrels of oil in the Beetaloo. I think the market valuation of 18 billion barrels of oil would be in excess of 300 billion dollars.Now we are up to$600 billion.

$1.35 indeed is very conservative.

Then again maybe the Karoo worth somethingtoo.

Falcon noted that the Karoo basin covers 236,000 sq miles or nearly two-thirds of the country, with the 70,800-sq mile southern part of the basin potentially favorable for shale gas. A large part of Falcon’s 11,719-sq mile TCP is in the prospective area, along the southern boundary.

The Permian Ecca Group has three potential gas shales in the Ecca formation. The most promising of these is the highly organic-rich, thermally mature shale of the Whitehall formation. This unit is regionally persistent in composition and thickness and can be traced across most of the basin.

Advanced Resources International Inc., Arlington, Va., estimated the undiscovered petroleum-initially-in-place and the prospective undiscovered resource attributable to these shales on behalf of the US Energy Information Administration. That April 2011 report concluded that the Lower Ecca Group shales contain 1,834 tcf of risked gas in-place with a risked recoverable shale gas prospective resource of 485 tcf.