Ann: Organisational Changes, page-159

The fact is this:

1. oil already discovered
2. in 7-8 weeks they will be appraising 267 million barrels of oil the biggest appraisal in more than a decade
3. They are fully funded with 50 million but minus this quarter which brings them to around 40 million in the bank
4. They will begin production straight after

160 million market cap for appraising 267 million barrels which is a conservative amount and then upto 6 billion barrels. Sorry but MAY has multiples from here even though you laugh at directors buying it’s that cheap and news flow throughout coming 7 weeks. Fair value right now on oil discovery and the 6 billion barrels they are appraising is 600-800 million dollars all time high.

Once the first appraisal is done company is worth significantly more