buying time or miss out, page-17

Not much has really changed regarding the value of Phoenix since the announcemnt, other than the entitlement offer and potential funding gap if it does not raise enough. Thailand has not really changed since the reserves upgrade. Maybe the spudding announcement will generate buying interest, otherwise I would say wait and see what happens with the entitlement. Looking at the share price I think the market has priced in Phoenix as fairly as it is going to before there is more certainty on the outcome and cost to CVN.

PS
Thai DMF is publishing November data currently so hope to update spreadsheet.