Good post
I would exclude the value of tax losses.. sure they're worth something at some point, but most small cap oilers on the ASX have some losses as well...
I have scooped up the bit for sale at $0.016. I haven't bought stock in quite some time, but seeing it's now well below cash + BRK holding (by about 15-20%), it's a no brainer. Cash balance growth will remain limited in the next quarter as the advance on the investment is drawn so I expect this is what's got the stock relatively suppressed (like it was at 1.1-1.2 about 6 months ago). But all in all we are averaging $2m of cash profit (circa) per year, so even if we remain suppressed in another 6 months I think we'll be seeing 1.8+ and still complain market cap is below cash + share investment.
Just my opinions.
0.5c per share dividend, page-101
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