Ann: Drilling update at Alameda-1 - Strong oil shows, page-409

Don’t forget there’s plenty of options issued too, so fully diluted is closer to 3.3b shares (not sure what director/performance options etc. are in circulation to add to this?). Being short dated most will be getting converted on a decent bump to the sp, however, this also adds close to another $20m to the coffers. Agree, if comes in as expected it won’t reach full intrinsic value, unless there’s a bit of hyperbole FOMO happening, in which case it might push higher momentarily. 10-15c is best case IMO, but that’s only for A-1, the rest of the acreage becomes a very valuable asset.