iron first
thanks for responding!
in relation to CVI's move to double their exposure, you can also think of it also as this.
why are these over guys selling 20% of their stake for $20million?
the other 20% were happy to sell it for $1.3million in the event that CVI end up doing nothing with it. think about it.
so either way that doubling exposure doesnt really mean much to me as a signal.
yes i have ignored the other projects but that was because the question was specifically aimed at NDO galoc and CVI's cameroon. really dont know much about them
oh thats another thing i didnt convert the US$ to A$ throughout the whole thing, so divide everything by a factor of 0.9 there abouts (i think the aussie will stay at these levels atleast longer term).
anyway - i seriously still dont see the upside here unless their metals project goes mental or they somehow get their hands on a serious chunk of oil land for next to nothing - in which case my valuations will change. until then this is not undervalued and is nothing more than a complete punt!! i would rather have the ten bags without the maybe's, thank you very much.
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