hartley's - palta worth 48c per share

Hi all,

Hartley's have definitely hit the nail on the head when they state:

"Being located near to a discovery can sometimes provide a catalyst for
share price appreciation, however, holding a permit that potentially contains
part of a discovery is reason to be excited."

They believe that Palta-1 is worth 48c per share for WHN in success case and that at least 10% of this should be factored in prior to spud.... 4.8c.

"WHL estimates that 2.5 Tcf of the Palta target could lie in the WA-460-P
permit. If we apply a rule of thumb exploration value of $1 per mcf and a
probability of success (POS) of 10% then this implies a value of 4.8cps for
WHL’s share of the permit. In a success case, WHL’s interest could be
worth 48cps."

It's good to see that Hartley's are very positive on the stock, if only to re-confirm our beliefs that this has a very bright future:

"WHL has done a good job of spreading its exploration risk over the last year
which we believe has retained potential upside but has limited downside.
We retain our Speculative Buy recommendation with a price target of
12.5cps"

What i love though, is the unbelievable blue sky potential of the sum of WHN's permits. Not too many stocks can offer this upside.

VALUATION VALUE RISKED UNRISKED
Beau Valon $223.2m 0.130 2.61
Junon / Other $73.0m 0.043 4.27
Creole $37.7m 0.022 2.20
Coetivy Bank $40.5m 0.024 2.37
La Bella $47.0m 0.027 0.05
V11-2 $31.1m 0.018 0.18
WA-460-P $82.5m 0.048 0.48

Total $534.9m 0.313 12.16

Must have stock in my opinion