Your logic is all good, but there is still that one word called .... "risk".
AIS is in bed, not with banks, but with 3rd tier lenders otherwise known as sharks. They are ready to pounce with punitive penalties if a repayment is delayed or missed.
Until AIS kicks off the loan shackles, I believe their share price will stay in its current band.
Also, I believe Torrens drilling has been deliberately delayed until the September quarter to allow AIS more time to better their financial position.
Until this debt is repaid, I can't see AIS's share price increasing too much, and explains why it's share price has been stuck in the 15c range irrespective of recent positive AIS news.
OF course, commencement of Torrens drilling will change all that!
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