Argonaut report

just a couple of observations.
a quick read, and happy to hear any comments or contradictions.
1. Target price mid-case $0.0086
2. but that is based on 9.418 Billion shares - so AFTER the rights issue, which hasn't happened yet. What would be the calcs if it were based on the shares currently on issue, which is about 7.064 Billion
3. possibly not much different because it appears Argo have included cash from R/I and netted it off against ERM debt facility ($10m cash less debt $15m = (-$5.2m))
4. Argo base part of their valuation on the old Reserves figures.
Argo use -- 1P Gas = 7pj NOW 8.4pj
1P Condensate = 0.317 mmbl NOW 341mmbl
2P Gas = 11pj NOW 14.85pj
2P Condensate = 0.504mmbl NOW 572 mmbl

so that's quite a difference, and would adversely affect their valuation figure