I agree with your cash flow estimates Jurek. Mine are 50 cents for 2008 & 1.00 for 2009. The 2009 is simply 2008Q4 times 4. Hopefully by 2008Q4 the company will be firing on all cylinders with 10,000 bpd from POD1.

I value the share price on a multiple of operating cash flow and use a multiple of 10 as an estimate of the SP. So my SP goal for 2008 is $5 & $10 for 2009. For comparison Suncor's 2007 CF multiple was 13.

The above SP estimate excludes any value for the PDP shares (approx 10 MM shares currently worth approx 100 MM). It also exludes any value for oilsand reserves beyond POD1. These oilsand reserves are (for me) where the real hidden value of CLL resides. Each producing POD is worth between $5 & $10 / share depending of course on the price of bitumen, the applicable royalty rates and the CF multiple used. I see the price of NG as not all that relevent because I believe CLL will try to retain a physical hedge for all their NG needs.

I don't know how much a pipeline costs or the potential refinery expansion, but the Cash Flow generated in 2008 & 2009 can certainly help mitigate the need for further dilution/financing.