All the ducks have now lined up for byron energy for the following reasons..
1.The company has more than enough capital to drill and go to production and then cashflow.(approx cash in Bank $30 million at present).Directors put in over 3 million in the recent placement at 7 cents (a very good sign I believe )
2.From February onwards net cashflow per month is minimum of $2,500,000 .($30 million per annum )
3.Currently capitalized at approx $65 million.
4.The recent reserves and resources update/upgrade was very impressive.The new leases prospective resources of 63 million barrels of oil is very very encouraging .
5.The technology used by the company is very accurate .What they found in sm71 was within 1 percent of what they thought was there .
6.There has been a number of shares flipped by people who got into the placement at 7 cents I think the sellers are just about finished .I am very happy with the selling as I have been buying
7.Based on my back of the envelope calculations I think this stock is currently worth at least 50 cents plus .
8.The directors have a very good reputation of finding the assets developing the assets and then selling .I believe the company will be taken over within the next 12 months .
MEL Price at posting:
4.9¢ Sentiment: Buy Disclosure: Held
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