Well said opt. However one could add a couple of observations about valuations. The price of oil, for one. Given the operating costs won't vary much with a rising price, which undoubtedly is a scenario we are facing.
Then there's the valuation modeling itself, which by nature only factors visible action. That is, the enterprise happening right now, or will happen in a forseeable term.
I think the missing link is the elephant in the room, the 11.6 billion barrels the seismic data infers, and to not assign a fair guess to its possibilities would be remiss.
The point I'm making here is one day a major will sign up to take on this challenge, and it will only happen after due diligence has been undertaken on their part. The net effect will be an immediate validation of Nido's blue sky aspirations, which after all have been loudly declared by the company as their main game on a number of occasions.
Naturally when a same day, massive price hike occurs, one should own them. Which means there should be an expectation of sorts for the value of these blue sky assets.
Oddly enough, we all know that plenty of companies with no production and plausible blue sky promises have alarmingly good share prices, then the day they actually produce something the modelers arrive and value it on earnings alone, and in the process, forget about the remaining blue sky aspects of the company. Which in my view is too clinical, and far from the best basis for figuring worth. Given that a revenue stream is only one aspect of a company's value, and assets, even if they are non producing, have to be taken into account if a predator sets eyes on the target.
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