TA 2.0, the reboot, page-224

Hey Esh,
I did not realise you kept holding, good to have your no-nonsense views aboard

Ok. Super quick summary:
Asset swap - Gave away their Uncon Gas (very expensive to develop), got all of the proven field/s they have. Currently producing approx 540k p.a at a cost of approx AUD $25-35 per barrel.
Did a big capital raising (oversubscribed) of $13.5m.
This cash has allowed them to upgrade their two current producing wells (possible flow rate as high as 3000bopd, but as below... better to not overuse the two wells).
Plus drill 2 wells (drilling right now). 1 Well is a development well, the other... hmm more like appraisal with some risk. If both come in, 2P reserves should sit around 11m barrels, or valued at AUD $20 per barrel, $220m. Still have a small amount of debt ($7.5m, but over 3 years to pay it).
If the above drilling comes in (production will be raised to 3000bopd). They will build an export route through Broome, production costs could... could get very low, possible $10-15. i.e margins at current prices around $55-65 per barrel, i.e over 1m barrels per year.. for approx 8-10 years at least.

I know you are better with the numbers than me.

Lastly, the company is likely to farm out most of their exploration prospects (they are big, have read of the most recent preso - Oct 2017 Presentation



So... value right now (should be around $0.40-0.45), after Dec and two wells being drilled, who knows....
The upside has always been huge, but.... depends on the drill bit and the two current wells being drilled.

All good about your research, you probably look at even more stocks than I do!