More than happy for a T/O offer .. IMHO the Blackspur project at present pricing esp Nat Gas sales price A$2.70Gj ... how many Aussie Nat Gas producers would be surviving at that price ??
Nat Gas makes up 40% of the BOE/D ... wouldn't think CE1 would make much profit if any from the Gas
Peer ASX Energy play CUE
CUE Energy 44Mill marketcap- FY23 averaged Nat Gas A$9.1Gj .!!..
CE1 BOE way more than double ...revenue just under double .. EBTDA 37-39mill ?? CY23 (using half year + Q3 + Q4 est) reserves 19Mboe est...
...very different operations CUE minor 5-15% holdings in muti O&G projects - CE1 Blackspur project
CUE is managed by CEO + CFO around 700-800k pa Board takes another $150k
CE1 ..has a - Chairman + CEO + CFO + COO + Finance Director + Meccano Consulting ... how much do they take I can't seem to nail it down but staffing costs run $3mill-$4mill
....Now I'm not promoting CUE as its majority held by NZO and treats S/Hs like mushrooms ... limited upside IMHO..
But I think in CE1 case ,,if there is serious offers for Blackspur asset for what would work out 12-15cps they should take it return part to S/Hs via cap return and maybe go down the road of taking minor interests in O&G projects ... CE1 has like 130mill in TAX credits so some value there .. trim mgmt down to 3x ..one office in WA etc and actually build it back up as the present CE1 has been an ongoing poor performer and needs to be put down and replaced IMHO
CE1 Price at posting:
8.7¢ Sentiment: Hold Disclosure: Held
(20min delay)