Agree with Saracen completely.
How can you realistically ascribe value to something which you currently dont have control over due to the political situation
Even if the govvernment is otherthrown there are so many risks that the new government may not recognise the ownership, the extent of drilling you say has happened and/or may implement significant royalties that limit the viability of it.
There is so much risk due to the political situation that i dont beleive anyone apart from a UCL holder would attribute value to it and i believe it portrays the grasping nature of some UCL shareholders to hold onto their stock (which is only being propped up by the MAK offer)
Personally even if MAK take over UCL, im not particularly fussed on the Iran project as it will likely be at least 10 years before anything is able to happen with it due to the previously mentioned risks
open letter to mr drummond, page-4
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