Low ball coming in but may get sweeter, page-2

Driller. According to Hartley's (15JAN16) report, the stock is valued at 63.3 cents per share. MIN just paid 45 cents (a premium to the market, but a discount to that valuation) for their 1/5th slice. Assuming RN North is further de-risked (which we believe it will be) there is potential to add a further 8.67 cents to that valuation (i.e. a valuation around the 72 cent mark). That valuation that Hartley's made, though, vastly undervalues Gin-Gin East and other permits.

So technically, anything south of about 60 could be classed as low-balling, right?