Looks like we are getting close to action and hopefully a rerating, the current shareprice attributes nothing to Grieve success. Todays announcement was positive and after reading it I am hopeful we may see funding details shortly ......The fact they are planning to develop both phase 1+2 in sequence as opposed to developing only 1 phase suggests that they can source the extra funding required. Suggesting that they could possibly start the project next month it would appear means they are very close to signing of on a deal......2/3 of the oil looks like being produced in the first 6-7 years......The NPV at current $83 oil prices would be up around Aus$100mil or $1 per share for 1/2 the project based on there assumptions for $60 oil...
starting from such a low base it will be interesting to see whether we go from obscurity to being flooded with traders as has happened previously with Elk.... and with Ash creek drilling coming up and hopefully a development plan for Kakadu there may be plenty of news to keep them interested for some time..
Looks like it might be time to find some more cash!!!
Cheers
grieve development getting close
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