This company has no cards to play. It has no funding to drill on their own. And what real leverage does it have in a game of poker? Nothing. They have the equivalent of a pair of ducks and that’s being generous.
All that oil and gas in the sea? So what. Means nothing as it is completely dependent on getting a JV done.
That’s why the maker values this company at close to zero.
This company has no cards to play. It has no funding to drill on...
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