Some good thoughts there, peoples. Picking up on trender's...

Some good thoughts there, peoples. Picking up on trender's perspective, you could estimate that the market (at $1.20) is valuing Hardman's thoroughly proven Chinugetti reserves at more like $5/barrel, the "likely" Tiof reserves at $3/barrel, and throwing in some blue sky for Banda and the rest. At this time I reckon it would still be difficult to get a hard-nosed oil major to pay that much for a direct equity stake in the PSC's (presumably ExxonMobil or Shell, whichever it was, was the highest bidder for ENI's 35% stake). To me that tends to favour a capital raising over a selldown, but dynofish also had a reasonable point about concentration of risk. I'm sure ROC would take a few percent off Hardman, maybe as much as 4%. Perhaps 2-3% to Premier / Fusion, plus a modest ($30 - 50M) capital raising would be the way to go?