ev/acre emerging australian shale companies, page-4

I always thought the IPO price was far too high and attracted too many stags with the attaching options but have been buying bucketloads in the low 20's since the Glyde discovery.
I saw the contractor saga as a pretty fortunate opportunity to get in. The CTP JV will put companies like AJQ well and truly under the spotlight.

Recent qtr suggested $61M cash
Estimated cash burn this qtr is $13M
So ~$48M cash.
= 16c cash backing on 300M FPOs
EV of $27M @ 25c