Rap
Expected prices are as follows:
1. Upon JV announcement: 12-13 cents (i.e. around 100% upside from here)
2. If spud announced: add 3-4 cents for first spud + 2 cents for each extra spud announced
Realistically, if they can announce that they have secured a partner and will drill one well, I would expect the price to be somewhere between 15-18 cents with speculation of a positive hit potentially pushing the price up over 20 cents prior to the drill.
But of course, this all depends on the terms of the agreement!
Love puff
resetting expectations, page-3
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