Thanks for the reply PJ.
I can see why you're holding. You've examined the downside with a microscope and not much is wriggling.
My back of the envelope was that the CEO's 9npv calc implied a market cap of close to us$600m for SNE alone. That's around au$.20 SP. (This is assuming $50 poo. But assuming current price persists at fifteen year lows seems like a big call at odds with your conservative predisposition.
So I see a discount. The market hasn't even priced in where we were before this upgrade imho.
I wouldn't mind seeing a reissue of the spreadsheet you put out around the end of last year just to get your take on the announcement.
Cheers.
Glta.
Drilling programme potential, page-98
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