Looks like a T20 holder has had enough, page-90

Just out of interest.

Valuation of ERM (23.6%) $15.1M Deal
2P Reserves 2.341MM BOE @ $27.33 multiple..............$63.98M
(Ref : KPMG Report at p19, p38)
(The $27.33 is the lower of mid-case valuation - Low is $25, High is $31.90
i.e worked back from the ERM valuation)

Valuation as at Feb 2016 (see presentation p11)
2P Reserves 3.60MM BOE @ $27.33 multiple................$98.39M

I will still use the $27.33 multiple in both senarios because of compensating factors of rising oil price
(only 16% of sales anyhow) and the increase $ on tranche 2 sales.

Looks like the valuation of the plant infrastructure (for valuation purposes only) is ZERO.
Book at $23M. Scrap $5M (will go to remediation of site).

Share Price
There is a lot of uncertainty of how the ERM loan is to be satisfied on current cash flow. They are going to require RGN for leverage.

Other Stuff
Rising oil price gives confidence to the market on capital expenditure decisions (viz.farmin). There will be tipping point to confirm a new cycle.
Institutional Investors - green shoots into the ASX300 if we ever get there.