Fundamentals don't lie in the end. Perhaps this is not a pump and dump like some are suggesting? Where's the announcement to ignite a pump and dump? Nowhere to be seen. Therefore, perhaps the penny is starting to drop with some bigger players that this is dirt cheap on a fundamental basis?
80M barrels of oil in situ has got to be worth more than $43M IMO.
Even if we value the Triassic 2P reserves of 8.6M barrels at the J50 site at $5 per barrel (since it is flowing and confirmed), we get a company valuation of $43M. That's what the total market cap is now. therefore, at 4.9c, one could put forward a very strong fundamental argument that one is buying the rest of the Block 31 oil for zilch. Show me an oil and gas company under market cap $100M with better valuation parameters than that.
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