Ann: Drilling update at Alameda-1 - Strong oil shows, page-408

Hey brother, how's things.. For me & I admit I'm a relatively short term holder, it is basic intrinsic undervaluation play.

Another poster maintained that the upper sheet U1 is worth 5c alone to SP..

Best estimate from independent analysis in 2018, which us looking more promising every announcement is 143mmbo which at a low val $8-10 igv on a 30% Melbana interest calc is roughly $1.1B or 40 odd cents a share based on SOI 2.7b

Don't think it will reach full intrinsic value on first well due to area demographic ignorance by asx..

But 10 - 20c is a 50 to 75% discount that could well be achieved once the numbers come in.

Also Zapato the no2 well spuds end of 2nd week in March on a 55day dry drill program targetting known historical resources.

Adds another 100m plus barrels to the equation on success and again it's historical ground they are drilling.

$20m cash at bank funds all drilling.

Plenty to like and value to be attributed yet IMO.

But it is still a spec, despite historical findings. Although the fact the company are very encouraged means ol 8tey is the same at this point.

GLTAH.