I think it's fairly obvious that I was completely unimpressed...

I think it's fairly obvious that I was completely unimpressed with the quarterly. Personally for me though, the straw that broke the camels back was the announcement on 13th July, which announced a farm in possibility (which I queried regarding business strategy) as well as completely neglecting to even mention NWZ2.

Bemused that intermediate flow rates for J-50 have been announced, but not for NWZ2. Even taking the "best" part of the quarterly announcement that 10,000 barrels of oil produced and sold in July means that either J-50 is significantly under performing or that NWZ2 is producing negligible oil - meaning total faith must be put into the ability of the submersible pump to generate 300+ bopd from the well.

However the biggest "what the?" from the quarterly was the cash balance.

From the March quarterly expected cash outflows for the next quarter (quarter that just past) was $3,000,000 comprising $3,000,000 for exploration and evaluation.

From the June quarterly cash outflows were $5,029,000 including $4,040,000 for exploration and evaluation and $1,079,000 for administration. Why such a discrepancy and why no explanation to why there was a large difference?

As for a price target that really depends on what happens with regards to funding - and then how fast/efficiently they can develop the block.