Thank you for sharing the analysis note.
Tend to agree with everything except with the consideration of 'Portugal assets' which at this time seem to be no more than a very remote possibility.
From what I have been reading - I am fluent in Portuguese by the way - Parliament, Environmental Associations and Local Councils are all against any drilling or geotechnical investigations in the area. The Parliament even approved a recommendation to the government to cancel all concessions in the area....Reference below for anyone interested.
https://www.jornaldenegocios.pt/empresas/detalhe/australis-esta-empenhada-em-avancar-com-furo-na-batalha-e-pombal-que-foi-reprovado-no-parlamento
https://www.jornaldenegocios.pt/empresas/energia/detalhe/quercus-exige-fim-da-prospecao-de-petroleo-em-alcobaca-e-leiria
Current ATS valuation, page-4
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