Sharky:

Valuations would very much depend on what form of transaction were to occur, if any. Least favorable would be a straight acquision of CLL by another entity. Preferred in my opinion, would be the formation of a strategic venture in which the interests of Connacher, OPTI and Nexen are merged in a proportional investment. If Petrolifera has something in South America, so much the better as it would add to the value which Connacher brings to the table.

I see a lot of potential for such a merger which would benefit all 3 of the entities! Especially if it was a merger with proportional ownership interest in a new entity requiring no new investment on the part of any of the three entiies, other than a proportional sharing of new incorporation expense of course.

Brian