getting dumped, page-14

re: getting dumped..sandune??? IF hit a Stitch is similar in size to Moonie (25million barrels recovered) I think its a pretty conservative estimate. That's a big "if" but judging by Santos' interest and willingness to part with 50%, it may not be that exagerated.

Let say they make $AU50 a barrel after costs and recovered half of what they got from Moonie (12.5 million barrels).
50x . 5 (share) x 12.5 million barrels = 312 million dollars

312 (asset worth)/28(current market cap) multiplied by current share price = $1.17 per share

Of course we don't know if anything is there at all yet but given Santos' interest and the farmin terms the tea leaves look positive and if they find oil, Sandune's 60-80 cent valuation is not over the top if things go even PARTIALLY to plan. Its all because Icon is so small relative to the potential size of Stitch. Worth a punt given the risk and reward in my book. Short-term we still have to raise some cash though...hopefully get some more through a SPP.