This is overvalued as a shell, $9.5 mil with $500k cash and potentially $1.275 mil coming from the sale of Georgina Basin... all the other outstanding loans are very (very) unlikely to ever be repaid even at cents in the dollar.
I would argue that 4CE is also over valued until they can bring something to the table other then reassaying the same 1kg sample multiple times... they would be lucky to have $100k in the bank atm.
Ann: Company Update - Oil and Gas Transactions, page-9
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