Price has been built in to a certain degree, but look at the cashflow without development costs. As they ramp up to around 8000 bbl per day with Erimia the production costs per bbl will drop also.
I would see today's price as barely covering what they have already found. Add in future discoveries, gas and oil, including likely oil remaining in Dongara field, and it looks great.
Share price wise though, punters may sit back a little pending the start of the more exciting exploration work, but very encouraging to see that 3-D is planned.
great 2nd qtr report just out, page-3
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