Me too, got pretty much all heads converted to options now. Feeling quite confident after a lot of research that the resource estimate will come in high, very high! I have been very conservatively working on being able to achieve 10c/million bbls of estimated recoverable oil. When you put the old estimate and current findings side by side then you can assume that the new estimate will come in well in excess of 1.5 billion bbls. Therefore by my very conservative logic the new resource estimate should push the SP to at least 15c for the heads or 13c for the options, sure to be some profits taken on the way to slow the rise. This would put the MC up to around 600 mil (including converted options) which represents $0.40 NPV per bbl of reserve. Obviously if we can make $5NPV/bbl then this figure would go up substantially as will the SP
Just for fun if they can prove up the reserve at 1.5billion bbls and make $5NPV then that would represent a SP of $1.87 which is pretty staggering as a million options would be worth $1.85 Million
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