the real value to share price, page-16

Going by the Hartley's report (taken with a grain of salt) the upside for Birch is 9c

The upside for Niobrara is 20c

Combined that makes 29c with the current SP at circa 2.3c

Using those figures, it would give AKK a maximum upside of a 12 bagger.

The question though is given what is known about the first 3 wells in Birch, is it still looking likely to be worth 9c?

Given what is known about Niobrara, how is that 20c target looking?

There there is the Cooper Basin which seems to be ommitted from the Hartelys Report, the reason for which escapes me.

So IF Birch produced very little and we relied on Niobrara which is the big one, the stock still has about a 10 bagger upside so there is definate reward there.

Whether or not that risk/reward ratio suits you as an investor is entirely up to you.