This is a pure price of oil play. SP wont move until price of oil does.
My modelling shows at 1.1c this is priced for USD70 WTI forward expectations. Part of that is a risk premium as the wells will not likely be economical sub USD60.
sensitivity to POO is massive. If forward expectations shift to USD90 for example, shareprice should sit at roughly 4.5c or roughly 400% return from here.
forward expectations can shift pretty dramatically with a single event (E.g china dropping lockdowns, US to start buying back strategic reserves) so wouldnt take much for this to hockey stick.
all IMO
Ann: Phase Two Development Drilling Underway, page-13
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