Jwolf
VILO expire 30 June 2010. By comparison BCCO and SSNO (I hold both) have almost 3 years to run. Don't need to talk about GGPO as it is , for the time being, suspended from quotation.
Other things being equal, the longer the exersise date the lower the risk (particularly as POO is expected to be well above where it is now in 2-3 year time).
I sold my VILO prior to the ANN because it was (at the time) too risky for me. Given the very positive ann it may be a goer again BUT the risk is that a medium (or gas only) production result at FP could see VIL gaining maybe 2 bags (from where it is now) and VILO being either out of the money or with an inferior result to the heads. My own view is that two birds (at least) in the bag is worth several more in the bush but each to their own.
Of course IF a large amount of oil is proven by the FP program THEN VILO holders will make a motza. Before you invest you need to do your own calculations on how the predicted net value of hydrocarbons per share (25c from a recent ANN ) will translate into the VIL SP prior to 30 June.
Read the anns, vet the calculations posted previously on this thread, do your own calculations, consider the likely FP program timeframe, set your risk parameters and GOOD LUCK with whatever you decide to do!
Cheers
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