Accumulation, page-27

i used CVN as a prime example. They own 20% of the Dorado (STO remainder) prospect and it has 162MMbbls.

If we hit anything similar or more, at 30%, excluding all other MAY vs CVN prospects, then we should have a similar mkt cap after adjusting for the differential cash balance (they have close to 98m vs our recent raise in cash).

So, in short, 30% traded against CVNs 20% due to cash difference (roughly) and mkt cap of CVN ~$470m, so 7.5 BAGGER from here....aimho.

There will be some downward revisions to this for the expected oppie dilution next yr, but given it should raise some $$$, it shouldnt impact alot (maybe 1-2c).

my medium to long term SP target is >18c. I have loaded accordingly. should the Dec/Mar drilling yeild additional size plays, we could double the 18c easily. in time, with successful drills, 30-40c is my target sp. wont sell a share until this materialises.