Ann: Quarterly Activity and Cashflow Report, page-30

I agree with you your Analysis and the EV.

Did you factor in the BRK shares valued at 0.577 million Dollars, and the Proton loan at around 0.418 million Dollars
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The Jewel well still has a lot of juice in it, as only approximately 1/6 of its Economically available juice have been extracted, although as Dan Pech explained it s NWI is not 31.5 % of the previous 41.5% and the flow rates are much lower.

And of course their are the other US wells with small NWI.

The old wells should be the bread and butter paying salaries etc, and the new wells should grow cash that i hope will be invested in light oil wells ,perhaps taking advantage of the Gryphon options... hopefully this year.