echuca shoals spudded, page-16

The problem with analysts valuations is this. They have a fairly fixed view of what Longtom and Crux are worth.Conservative view in my opinion, and based on no upside and a lower long term oil price. In my view the current share price does not reflect the likely upside in both oil price and reserves, particularly reserves for Crux.
The big unknown is ES and to a lesser extent the upcomming exploration program. So what analysts tend to do is risk weight the potential of ES and the exploration program and give it some value but not a lot as it has not been drilled, appraised , proven. So, either ES will come in as we all hope or it wont or it will to some extent. Ditto the exploration program. Given the managements excellent performance so far , I believe and continue to invest on the basis that ES will come in at some commercial value and that they will have some exploration success in the next 12 months.
If this is the case then we will see a considerably higher sp. If it is not the case we will not see much if any drop. So,.....little downside and big upside.
No brainer really.