re news one day, page-21

The share register has expanded from some 350 million shares to around 1.2 billion...

This has happened in less than 12 months!

All value that has been created from success with the well has NOT been enjoyed by shareholders, it has been dished out to others.

I am attracted to the assets, which, given this years success should be generating value for shareholders.

The stock currently carries a market cap of $19 million...$6 million of which is cash.

So $13 million enterprise value, with a currently producing well (restricted to 140bbls/d) from one of many untapped zones, a field that will support significant longevity...and scale...numerous other fields and prospects with known hydrocarbons...premium prices and favourable net-backs...and a new well about to drill.

Any other Company in this position would conservatively be valued well over $50 million, without success from Atzam #5...or the upcoming workovers...

So what is the reason?

You can't polish a turd...

Cheers!