Further discussion about Ithaca with ICSee below - a bit lengthy and some relates to Wentworth but I thought I had better copy the discussion in full to keep a context - all of this is on the IC website: Matthew I replied re Wentworth on your other column and have copied it below. Had a look at Wentworth Resources. Certainly interesting with huge potential upside - I had read your late 2013 article previously. Not quite an Ithaca IMO for the following reasons: The combined risks of the Tanzanian gas project and the pipeline construction being carried out by the Chinese company doubles up the risk. If either of these fail then there will be problems I think. I also am unable to quantify these risks or to assess the likelihood of the exploration projects succeeding. There is also an element of regional/political risk to Wentworth's operations as well. For Ithaca, 2013 accounts issued at end of March should give a very low historic PE, a discount to TBV and all this before GSA commences. GSA is largely de-risked in terms of volumes now I think, they just have to complete the last 2 wells and install the hub, even if there were operational delays they will get there, cash flow is not a problem at present - you obviously know all this, but I think the risk for Ithaca is less than Wentworth with the same 10 bagger upside potential. Do you think that my conclusions on comparing the risks between Ithaca and Wentworth are reasonable? Doug Hi Doug, Certainly, Wentworth has higher geopolitical risk. Tanzania isn't top of my list for jurisdictions but it's better than some other African countries. The government also has a fairly decent working relationship with resource companies, mostly miners. In terms of project-specific risk, the chief risk is undoubtedly the pipeline. That's out of Wentworth's control and is primarily why the rating is so low right now. We should get an update on its progress in the year-end results, out this Thursday. Getting the gas out of the ground is actually the easy part for Wentworth, and the risky part for Ithaca. Appraisal drilling has been very straightforward and positive, and I think the development wells have already been drilled. I agree re Ithaca though - even if there continues to be minor delays, the oil will come eventually and when it does the shares should re-rate sharply. The difference with Wentworth is that the market won't be as willing to ascribe a high multiple to it but I'd be more than happy with a two- or three-bagger. Blue sky exploration upside could also be a huge bonus. Food for thought, anyway! Kind regards, Matthew