Ann: Rafael 3D Seismic Survey Early Insights Update, page-241

Rafael risked at only 20% chance of success - should be higher

Aldo nothing for exploration - company needs to guide better

This valuation designed to inflate as share price performs
How? ? ( Rafeal risk will go ++ 40…60…80%) / (Rafael will get bigger) / (exploration potential will add value) / (peer hydrogen values are much higher) etc etc etc

This is paid research = advertising and goal is to come up with a palatable number rather than attempt unbiased / absolute valuation so is essentially meaningless

Need to see some proper broker research but that only follows from larger market cap

Its the current massive credibility discount that is the real issue