my thoughts, page-14

Sorry, I agree Doodles with every word again.

Market cap (MC) ascribed to just this well is hard to estimate for me, to much undercurrent given the shale ($30-40M) other prospects (uk etc ($10-15m)), cash. SP movement since drill announcement, I might suggest the current MC to this well around $10M ($50M Total Market Cap - $30M+$10M)? That $100M of course does come at some cost spread over time (drop by 30%). So the current SP is not too wrong based on 1:4, upside as the drill progresses hopefully based on these bodged numbers.

I think the real kicker from this well is the potential for free cash flow, which opens up the future for the company on expanding this prospect and all the others, how do you factor that in?

The down side is negative sentiment with duster which will probably take the SP below the estimates above. Arrowsmith being close will protect some of this down side as others have said

So where does that leave me (going to bed :-)