good buy at 2-3c? , page-45

Ronstieb

Euroz valuation assumptions and valuation reasonable. Although no 2P reserves for Edirne certainly worth at least 1c per share. Euroz have it down at 22mil or 2.2c per share which may include exploration upside.
Two payments made against debt principal by end of this month taking it to us5.2mil.
After the cap raising, the financial commitments for next 6 months leave around us2-3mil by my calcs, offsetting a reasonable % of remaining Galoc debt.
I don't think it's over the top to take a 6c per share project valuaution with potential upside. Erdine 8 undrilled targets and secondry drilling at Galoc. Admit also potential downside at Galoc.
Exploration upside for 1c per share Italy and Argentina. Also farmout potential is there, hopefully with the BHP deal being signed and bringing in a small amount of cash.
So a little unfair I think to say the exploration upside accounts for a comparetively large % market cap.

And yes, the market response was pretty lame.