Time is the missing ingredient.
Time for the Thai assets to maintain their current output of 4000 bopd, or hopefully improve.
Time for Phoenix samples to be analysed and a 2C resource announced.
Time for Roc to be drilled.
Time for the cash balance to diminish by investment into drilling and analysis.
Time for deals to be struck with JV / farm-in partners in other blocks.
Time for more analysis of Phoenix-1 results.
Time for follow-up drilling.
IMO, we are in for a slow but steady re-rating once the unknowns turn into unknowns.
I've waited 6 years, another 1-2 years will make today's price movement just a blip!
Good luck all ... don't be too impatient.
Pecs.
EV of discovery just, page-2
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