There are 417m shares on issue with $9m cash.
Recent farm in adds 64m shares so total would be 481m, with $19m cash total.
EXEOA (if converted) adds 172m shares so total would be 653m with $36m cash.
CNOOC 1st farm in $50m + another $12m in recent farm in.
So if we add up all the money that's $98m. This equals 15 cents per share (fully diluted with EXEOA/CNOOC).
So if you buy today at 9.5 cents, you get another 5.5 cents for free while still having 40% working interest. Plus CNOOC will buy another 4% for 17.2 cents as a bonus.
Is this right?
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There are 417m shares on issue with $9m cash.Recent farm in adds...
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