They have acquired an asset with 1,2,3 P 2.4 MBO of oil alone which equates to say average of 1.8 MBO, with the addition of the gas and natural gas. Would anyone care to estimate the dollar value of this asset?
Plus they have new drilling target 1st Quarter 2015. They have completion of At 5, plus Tortugas. With all this worth and potential upside with news and drilling the share price is likely to be multiples higher (IMO). Any conversion for the Initial $ 3 million + 12 % is likely to be
reasonable.
Of course in 6 monhs the oil flow potential may be enough to negotiate a reserve based lending facility mitigating the need to fully draw down.
Cheers
RRS Price at posting:
1.0¢ Sentiment: Hold Disclosure: Not Held
CTR Price at posting:
0.1¢ Sentiment: Buy Disclosure: Held
(20min delay)