I found this tonight and thought it might intrigue a few of the CVI number crunchers.
What is Cameroon worth to the market?
CVI Market cap @ 13c = $34m including $4m cash
This implies (assuming no value for Quest, Angola or Indonesia) 20% interest in its Cameroon blocks being worth A$30m
go to http://www.bowleven.com/assets.htm and check out Bowleven Plc, an AIM listed exploration company with similar assets in Cameroon and Gabon
Mkt cap of Bowleven = GBP171m = A$400m approx including US$100m cash
They have 3 blocks next door to Cityview in the Cameroon offshore permits and own these 100%. Net market cap = A$270m
Assuming they are similar in stage (and I cant see much on the Bowleven website to indicate much to the contrary) the market is paying 3 times for Bowleven than Cityview.
Just a random thought, we all know that markets are inefficient but it just goes to show that some extremely big money is being paid for this part of the world and CVI is therefore undervalued!
What I find particularly interesting is that Matanda is actually shown in the Bowleven investor presentation (September 2007).
Have a look, there is some serious work that gone into convincing the AIM market that Cameroon is worth raising 100m on!!!
CVI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
