Word from Ithaca was that they were going to be signing contracts for the Athena field by end of Q2 (see march announcements) but that has not happened. I wonder what is going on there - is there some sort of potential transaction that could be holding it up? Could just be delayed negotiations but lets hope we get some good news in the near future.
Rheochems 10% amounts to 2200 bopd if they get it up and running next year as they intended. That equates to a turnover of over AUD55m per annum - compare that to the current market cap of AUD$22m and it is hard to see that the market is attributing any value to what is a proven and easily developed resource.
I agree with the earlier poster that the services business could be worth 20c if they keep up the growth in new contracts and that this share is a multi-bagger if Ithaca get a move on with Athena.
Long term holder and still waiting for value!!
Word from Ithaca was that they were going to be signing...
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