$1.39 unrisked price target based on 2 gas projects totalling 3.5TCF. Comparison to Recon is eye opening. If IVZ hit gas and liquids in the main play and margin play what’s the predicted take over price on this now?
Assuming govt back in for their 10%, farm in partner takes 25% that leaves 52% for IVZ. PPSA gives govt 55% share on product so IVZ end up with around 23%. $1 for m3 gas and $5 for bbl condensate = USD 10 B MC. AUD 14B.
Could be a take over target above $10 AUD within 12 months.
Pure speculation of course.
Ann: Prospective Resource Upgraded to 20Tcf and 845m Barrels, page-170
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