So here is the page from the cap raise presentation two years...

So here is the page from the cap raise presentation two years ago.



Weird how they raised the money but never finished the job...was to be operational 9 months after receipt of funds.

So the forecast gas price is $7.00
Today it is more like $12.00

So at $12.00 gas price what would the business be valued at in a float, say 4x EBITDA of around $35m = $140m.
lets say they raise $40 and keep 70% ($100m) and use the funds to turn it on and drill to extend the resource.

They then have the opportunity to cash in and complete Pagbilao.

OK Blue Ocean...make the pitch.

Appreciate any thoughts or corrections. Clearly back of the envelope but, why not?