I was wrong in my previous post when I took 2.6 mmboe as the net...

I was wrong in my previous post when I took 2.6 mmboe as the net amount to INP; it's double that!

Today's ASX release titled 'CEO's Presentation to the Annual General Meeting' states:

"The BassGas transaction will add approximately 5.2 million barrels of oil equivalent to Innamincka’s reserves. There has been widespread support for the favourable price at which we purchased the 5.2 million barrels, being less than $8AUD per barrel of oil equivalent."

for INP's 7.5% interest.

At a profit margin of, say, $50AUD per boe in today's dollars, this amounts to a profit of around $260 million for INP to which must be added:

"the potential to take advantage of the discoveries in T/18P such as Trefoil, White Ibis and the soon to be drilled Rockhopper well. Successful wells can be tied into the Yolla infrastructure."

Plus the CSG play with AGL paying the bills and production from the "disappointing performance from Flax" and approximately $12 million of uncommitted cash reserves make the current mc of about $50 look very under-valued indeed.

Other Companies with mc's around $50M such as BUY, MMR, BCC have only Blue Sky & BS, a bit like the INP of old before new management took over; but INP now has Company Making projects that will greatly add to shareholder value in the near term with the drill bits still working overtime.