why we only 1c above cash in bank?, page-13

OK, so there is currently Nil value applied to 2 producing wells. Both wells should produce an income of approx. 6Mil pa. Given a PE of 15 = 90 mil.

Some value must be applied for the other wells at a discount price- as we do not know what they will be producing yet...

So we have a base value of approx 125Mil + 90Mil + 20Mil. As producing wells MUST be on top of the land value. As a producing well is generating an income. The PE will be determined by the reserves.

So in the ST we should have an upside of another 5-6c IMO.

Medium term determined by t\o bids and further producing oil and gas wells.

Very safe risk reward wise to buy at these levels IMO.