You might be right there
@strauss.
SSN with current MC of LT US$10M could be liquidated and have (conservatively) US$20M of cash - highly dependent on actual sale value of their only asset with Reserves and cash flow. Pay off MOB, OAS note and all AROs outstanding and give away everything else, then ride off and hang up their spurs. At AUD$0.003 or $0.004 you would think that equates to about triple
Is that how TB wants to end his career? Many here still think he is a very crafty executive (I personally don't but do give him credit for acquiring FB and selling NS that saved SSN from likely CH 11 in Dec'15). Surely he knows FB is the last roll (don't know why Cane Creek is pursued ... hard to imagine SSN ever getting capital to appraise and develop it) and his chance to transform SSN at least back to some semblance of the value it once was.
Don't know what answers (or questions) await the pending 10Q filing, but this stock is being valued by its asset's cash generating ability and not by the momentum and speculation of future potential (as if it were a given). Summary statement - money talks and bullshit walks.
Relative to other E&P of similar MC you would think SSN shows better value ... but maybe the answer is that none of the companies have any real value as those assets really are not a asset after all when compared to other opportunities. As in find something else to do.