The basis for the 8.5cps valuation is seriously flawed imo
DJC based the 8.5cps valuation on the last commercial transaction where OEL bought into GB's acreage. DJC use a USD750/acre buy in price for that transaction.
However, that USD750/acre figure was the combined av per/acre figure if OEL took up the Alkaid option, which they didn't, and wont be at that price.
The actual transaction was at USD342/acre, putting 88E's implied valuation at ~3.9cps.
Link to OEL transaction (scroll down to page 5)
Analysts Report - DJ Carmichael, page-5
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| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
|---|---|---|
| 363 | 994625227 | 0.1¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 0.2¢ | 101395656 | 19 |
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