Last October they issued a reserves estimate V share price, and back then with a US$/AUD$ rate of .80 and P3 estimates of 249,500 bbloil, prediction of SP value was 43c.
Now, with proved reserves of 31.5% of 1.1 MMbbl = 346,500 bbl (US$27.7 million @ $80 bbl) and even though the exchange reate is .92, and with other proved gas reserves a conservative SP valuation looks to be 60c as soon as the deal is done. I'm sure a proper evaluation by the company including Appalachians and NW Alice will show a value in excess of $1, and would be be welcomed.
They have 2 weeks to come up with the US$250,000 shares. After which I assume the brakes will be off the SP.
As in the Appalachians, I expect the needed remedial work will be self funding.
will she crack 0.045 today, page-14
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