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01/10/13
16:00
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This is a very small bit from ARGONAUT'S widely distributed briefing paper today
COMPARING TO PVD:
PVD is 138m SOI @ 0.70 = $96m. $2m in cash, $4m in debt. Post partly paids ($6m) and Farmout $ ($15m) => EV of $77m
Toubkal Prospect (PVD) – 1.5b with PVD @ 23% = 345mmbbl potential or $3.5b => 45x potential uplift on EV
TPT UPSIDE:
Trident/TMA/Assaka – 758mmbbl with TPT @ 25% = 190mmbbl or $1.9b => 119x potential uplift on EV
Basically at the current share price / EV – you have almost three times as much leverage to success through TPT as PVD
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