I’m of the same mind, market skepticism, with some upcoming dilution from option conversion may keep SP down, however if production is maintained, they already have a projected PE of 5.1.
but if ranges matches jewell output (with an 80% WI), then overall oil production could increase by 200% by q4, which would dictate a 200-300% SP correction would be required.
in reality an even higher MC would be logical, but small caps have inherently increased risk which can keep SP Down. Just a matter of time though.
Ann: Rangers Completion Service Provider Appointed, page-16
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