G'day Sagh, your numbers look fine, as you have set them out, but there are a few different scenario's that may yet take place: ie options may not all be taken up; and CNOOC will probably go for the 19.9% placement.
Difficult to articulate fair value of the SP in this market as a fair amount of dilution has just taken place a) with the increased volume of EXE shares on issue; and b) as discussed in another EXE thread, CNOOC now have ownership of up to 70% of the entire permits, making EXE & its shareholders the minority partner. This has taken the wind out of my sails a bit, not sure how all other EXE shareholders feel, but I agree with recent comments that CNOOC has been allowed to get a huge stake very quickly, EXE really needs to consider its shareholders, my view is the horse has kinda bolted now. As I mentioned in the other thread, this latest funding is for the Exploration stage only, there will be huge costs to take this into production and the necessary infrastructure build will be expensive. By this time, EXE shareholders may only own a pittance of the so called joint venture....
I had built up a decent stake in this co, with a longer term view, based on the shale potential, but highly concerned as to what percentage of this EXE SH will be left with in say 5 years. I've written to Exoma Management for some answers, I will publish here if they respond. I encourage all SH & interested parties to drop Exoma Management a note with their queries on our ownership % forecast - this can be done via the company website.
GLTH (we may need it).
EXE Price at posting:
9.8¢ Sentiment: None Disclosure: Held
