i believe the company is looking at farming out for a partner to drill a well and shoot seismic to the south. A good deal to also recoup some back costs from the seismic already shot.
so
- drill a well (USD$25m)
- seismic to south(USD$15m)
- cash of USD 7-12m
probably have to farm out a good % of the permit and operator ship for that.
Clearly the market is not pricing this in- because it values their stake at around 60m-80m AUD- or 25c-35c per share.
drill and a hit and $1+++
The Suffering Long Term Holders, page-5
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