Keep in mind: Evolution Capital's 21 cent valuation considers a...

Keep in mind: Evolution Capital's 21 cent valuation considers a 75% risk discount and uses a NPV of U$25/bbl. They estimated Block-9 value at A$616.2 million, equating to 18 cents a share. HOWEVER - once the "chance of success" de-risks (over the 3 drills), that number WILL climb. Per their Table 1.1:



(Note that their 25% should actually be A$770.2 million, which is actually 22.5 cents for Block-9, resulting in a total share value of 25.5 cents, based on their own valuation of other interests).

IF (the big IF) Block-9 has a 100% success rate (and using NPV U$25/bbl numbers) the total value rises to A$2,081 million, equating to 61 cents per share (MAY share, NPV at bank) taking the SP to around 64 cents.

Their sum of parts valuation (for 21 cents) is as follows:

For me, the key driver of SP value is Marti, so the second well will be the real game changer for MAY.

For the time being, Alameda-2 has the potential to drive the price into "the mid 20's", simply based on values arising from Amistad coupled with the expectation for success in the lower reservoirs.

Strap in and enjoy. Blips and "walls" along the way will simply provide fun for those aboard.

Regards
Kit