My first test point is 2.0c. Brookside is a spec stock to be sure, but its share price is not inclusive of hype and speculation. It's cash flow positive, profitable and has assets that can and will be developed into actual cash. If the market was looking forward with Brookside then I think it would be toying with 2c+. Looking at todays action it seems Brookside is finally gaining some attention.
$100m+MC for a company pumping that much oil by the end of 2024, with a clear pathway to two more sets of wells for 2025, 2c is still a bargain. I want to see 2c from the market to put some value on the prospects of the company. 4c would be fair value by year end providing all the current drilling is successful.
Ann: Annual Report, page-30
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