A $40-50M mc feels about right, without drilling success, so i agree that around 20c seems a natural sticking point. Maybe 25c as we get closer to first results...
My logic is that a $10k core position would be a lifestyle changing parcel of shares should they see success at Vulcan, whereas the downside is maybe a $5k loss if they hit successive dusters. Everything else is trading around the edges to earn a few grand if i'm good enough.
rising pennant, page-40
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