we now have 91m in the bank and 18m in receivables = $109m.we...

we now have 91m in the bank and 18m in receivables = $109m.

we have taxes, royalty $17m + income $22m = $39m.

$109m - $39m = $70m in debt-free cash based on 588m shares is equivalent of 12cps in cash. Impressive in itself.

Current SP = 22c = MC $130m.


That means - with 3.6m barrels net to PPP left to recover from Tui (after June), the remaining oil is valued at $60m.

$60m /3.6m bbl = $16/bbl of 2P reserves remaining at Tui.

WHY, OH WHY, WOULDN'T SOMEONE (WITH CASH) COME IN AND TAKE THESE GUYS OUT??? It has got to one of the cheapest ways to increase the 2P reserves on your books, and it is as close to risk free as you can identify.

If "management" (the inverted commas are for Dargie and others who doubt them strongly!), don't do something -
it would be hard to imagine someone not making an opportunistic bid for PPP at these levels.