Ann: A$20 million Equity Raising Completed, page-103

Great buying opportunity today IMO.

Market down but oil up. Forecasts for the half based on $80 oil but oil is over $90 with upside risk if Russia do something stupid. Could be pushing $40m EBITDA for the half but call it $35m. 6 wells come online in 2H22 with most early in the half around July-Aug implying a majority contribution.

So while we don’t know the oil price, we know volume will be higher. They could/should do another $40m in 2H22. So the full year range could be $75-$80m EBITDA which gives EV/EBITDA at 1.6x to 1.8x - this year!!! That prices in nothing for future years and nothing for Montney.

Crazy selling post settlement. I don’t want to ramp but this could look like a gift in the months ahead. I’ve bought a few at 19.5c this morning! Let’s see if I’m right.

Euroz sold 1.9 million on the 10th (latest broker data). CS, UBS and commonwealth on the bid that day.