Although I think I've done pretty well with my bigger parcels...

Although I think I've done pretty well with my bigger parcels early at 27c and on this last pull back to 36c, I also had regular buys much higher into the 60's so my average is 44.6c which I'm happy with.
I consider 52c to be barely marginally above my average considering what I expect the pre-spud run up to reach that I have CFD positions only slightly under 52c.
I will be pretty annoyed if there is much less than a 100% return on 52c at some point. We hit 90c two years prior to the drill. We're not heavily diluted, we should be able to exceed that.
As long as the general market semi-behaves I really don't see why we can't get close to a $150M mkt cap given other billion barrel drills have hit $200M+ although of course each has it's own extenuating circumstances.
I don't think there would be much of a rationale for 52c to be bad ST Buy from any risk/reward or comparative analysis after acknowledging the overall risk of being a speculative oiler.