Easy to get sucked in by those Hannam reports, they are a nice framework in terms how to approach valuation but obviously the picture is overly optimistic. Unanswered questions I have for our management team:
1.Are we still targeting spot market vs. offtake agreements?
2.What are the latest market figures for spot vs. offtake pricing? I place little weight on Hannam's commentary.
3.How quickly can we not only commence but reach full 38mmcf pa production? Will we generate enough cash to reach this without another raise?
I'm concerned any cash generated over the next year won't be sufficient to cover new wells/ further exploration costs.
4.Like most of you, quite concerned what is up with Galactica/Pegasus. I know there was talk of trying to move these reserves to confirmed from perspective based on results from neighbour properties. Wondering what's happening here.
Doesn't appear the market has confidence in the series of vague management statements. I'm a skepitcal holder with average buy price of 3.1 cents AUD. Can't justify adding to my position but optimistic we will settle nicely back into the 3.5-4.5 cent range this quarter provided we haven't been mislead on anything (again).
BNL Price at posting:
2.3¢ Sentiment: Hold Disclosure: Held
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