broker report extract.

This is a very small bit from ARGONAUT'S widely distributed briefing paper today

COMPARING TO PVD:

PVD is 138m SOI @ 0.70 = $96m. $2m in cash, $4m in debt. Post partly paids ($6m) and Farmout $ ($15m) => EV of $77m

Toubkal Prospect (PVD) – 1.5b with PVD @ 23% = 345mmbbl potential or $3.5b => 45x potential uplift on EV

TPT UPSIDE:

Trident/TMA/Assaka – 758mmbbl with TPT @ 25% = 190mmbbl or $1.9b => 119x potential uplift on EV

Basically at the current share price / EV – you have almost three times as much leverage to success through TPT as PVD