Hi Whiskey,Finally Putting a value on the PB land and placing it...

Hi Whiskey,

Finally Putting a value on the PB land and placing it in the update when the majority of the original purchase was in company shares and not cash suggests to me we will see a new resource announcement very soon. Why go to the effort of calculating and finally publishing the cost 18 months down the track when you are asking investors for twice as much to drill just one well unless you want tp expose that the company brought well and hey, look what it is worth now!
More than anything else note holders will want to see that the land and the hole they are throwing there money down (and is there security ) is officially valued by an industry professional as having a higher value than the $4.9 mill it cost the company to buy. Why else give up $10 mill when the expectation could now be seen you could buy TWO PB leases or 2x 8800 acre lease for the money just like GGP did.
For mine, a new resource evaluation is diffinately on its way.
Find 40 investors with $250k spare right now that are within Australia's border and are technically aware of the value of one horizontal oil well in the Permian in Texas would be priceless. Novus might take $3 -4 mill but that would still leave 24. The last raise of $2.9 mill needed a trading halt to complete. I can't see the company getting the money without a new resource estimate
Just my opinion.
Its a tricky deal for both note holders and shareholders as it may be the companies best option long term but gives another massive dilution to existing shareholders. Given that it could still turn out that in 4 months time these new note holders would have been better off by buying shares on market now. It all depends on whether the note holders continue to trade as a group or see this as the last capital raise and take up individual investment agendas. Watch the conversion notices carefully as i believe they will start flowing very soon.

At present have changed my sentiment to hold while I see what comes out of GGP this week and how many old notes get converted. Just my opinion as I have been fully loaded for months yet still added due to my valuation on the company. I just don't like the disconnect the companies share price has had with the companies assets over the last few months. As i have stated before I see this as a man made event, so just watching at present, to see the next move.