Garry, have a read through my other posts on EOR and company announcements all the way back to 2010 (esp 15/11/10 & 30/11/10 & 4/08/11). Also, if you google "Wailawi" you will find some further details on wailawi's history (written in Bahasa).
Here's a summary of why I think EOR will be a multi-bagger:
1. Wailawi Oil & Gas field acquisition has been given the green light by Indo govt. (This is the most difficult part of the whole process!) EOR seems to have structured the JV with the govt the correct way for a win-win outcome.
2. Wailawi is already in PRODUCTION. We're not talking about a greenfields exploration punt...it's been pumping gas out of the ground since 1983. Peak production was 18 million cubic feet per day from only 3 wells.
3. Only a small part of Wailawi field has been explored to date. Plenty of exploration upside on a proven oilfield. Here is the table from p7 of their preso. The numbers speak for themselves: imgur.com/hl74c3
RobSearch Aust has estimated a medium recoverable gas resource of 65 bcf and possible high of 175 bcf from Compartment A only. There are 3 additional compartments that have yet to be examined.
4. Infrastructure all there. No need to spend $.
5. Wailawi is right next to a refinery and connected to the pipeline grid. Since the JV is with the govt, EOR should get some very attractive terms in the deal.
6. SH Koh has been putting his own hard earned $ into it for the last 5 years (I think about $3m at last count). Look at the history of converting note issues. Any board member who has so much faith in his own company will surely hit paydirt sooner or later.
To answer your question of timing the co recently said that they will announce a General Meeting in June. I expect that GM to coincide with significant news.
imgur.com/hl74c3
