Very good analysis. A few points Firstly, you do not put enough...

Very good analysis. A few points

Firstly, you do not put enough emphasis on cash backing which is still in excess of the current share price, and non-producing assets are on the top of that for current valuation of company well in excess of $2.20 or thereabouts.

Secondly, the finds so far have relatively high production costs, but this is a fraction of exploration licenses.

Thirdly it is not clear what drilling you are talking about, it is certainly correct that it is not worth building plants at these oil prices, but probably well worth drilling exploration wells if they have a mathematically high chance of success.

And fourthly, it is an ideal takeover target for an oil super major due to cash+exploration licenses/de-risked assets.

Cheers