$5-$6m would be a poor show give the success of the first well and the recovery in the oil price. Olmos 2c reserves 10-12mmboe I appreciate 2c is not normal for valuation purposes but given the success all around Talon $1-$2 in the ground is not unreasonable IMHO. So valuation $20m for this is more appropriate.
I also thought they were to have $400k after settling liabilities and receipts covered costs.
With Coolangatta and other bits on top $10c should be a decent target share price
TPD Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
