TEG CHART looking to BREAKOUT HIGHER --- UNDERVALUED??

TEG CHART looking to BREAKOUT HIGHER --- UNDERVALUED??

The chart is indicating a breakout to higher levels after coming off support with very good volume.

TEG has a controlling stake in State Gas which has a value of circa $23m and TEG has a market cap of only of $25m

Seems to be undervalued at these levels IMO with the last quarter looking very interesting




52 Wk Share Price Range
$0.02 - $0.064
Market Capitalisation
$14.03 million (at $0.02 per share as
at 29 July 2021)
Issued Capital (as at 30 June 2021)
701.4M Outstanding Shares
49M Performance Rights
1.8M Unlisted Options @$0.10
4M Unlisted Options @$0.03
Cash (as at 30 June 2021)
$598K
Investment in State Gas Limited
$22.98 million (at $0.48 per share, as
at 29 July 2021)
Top 20 Shareholders (30 June 2021)
38.35%

HIGHLIGHTS OF THE QUARTER
 Storage Agreement executed and Non-Binding Offtake Terms
agreed with BP
 Cliff Head Wind and Solar Joint Venture Agreements signed with
Pilot Energy Limited
 Successful Capital Raising with Firm Commitments of $10M
 Launch of Pro Rata Options Entitlement Offer
 CH-6 Workover and CH-11 Slickline Intervention Commenced
Cliff Head Oil Field (Cliff Head) Operations
o Cliff Head JV crude sales revenue of US$1.54 million at a realised oil
price of US$59.75 per barrel (net). Sold 25,850 barrels of crude oil
o Crude oil inventory: AU$3.64 million representing 55,661 barrels of oil
stored at BP Kwinana
o Produced and delivered 60,823 barrels during the quarter. Average
production during quarter of 671 barrels of oil per day
o Lifting costs: US$27.52/bbl (previous quarter US$28.68/bbl)
o Operating profit: US$16.16/bbl
Corporate
o April 22, 2021, Storage Agreement signed with BP Kwinana and nonbinding Off Take Term Sheet agreed with BP Singapore
o May 11, 2021, Cliff Head Wind and Solar Joint Venture Agreements
signed with Pilot Energy Limited which were Conditions Precedent to
the WA-481-P transaction
o June 17, 2021, successful completion of placement of shares, raising
AU$10M
o June 23, 2021, pro rata Options Entitlement Offer launched
o June 29, 2021, CH6 Workover and CH11 Slickline Intervention
commenced
o The Company is the major shareholder of State Gas Limited (State Gas)
(ASX:GAS) with an interest of 27.67% as at the date of this report. The
investment is equivalent to AU$22.98 million in value at $0.48 (as at 29
July 2021) per State Gas share
o Cash: AU$598K (previous quarter: AU$3.11 million). May 2021 lifting
revenue of AU$1.3 million (US$976,873) was received subsequent to
the end of the quarter on 1 July 2021