Have I not previously (former posts) set out sufficient reasons (which my broker would concur with)???
OK let me set out just a few reasons why a $500 million market cap (which is conservative imo) is more than possible PD. I do hate to waste my breath since I've done this before, but since you asked so nicely (by moderating my post):
- so far their oil strike rate has been 2 from 2 - their initial find at 330 has a development plan of 2,000 barrels per day and provides a SP valuation of around 60c-70c on its own - their second result was a column of 143m in length, over three intervals...which if it flows commercially could provide tremendous upside - They have around $50M in money coming to them when they have all the options converted, and make a call on the converting shares...in addition to te $9m or so they already have in the bank - They have found a bigger target in the same project area as where they hit the 143m - They have JV with former Petrobras technical staff who have picked the eyes out of the Brazilian onshore areas...and they have only scratched the surface of all the project areas they have - the oil price is currently over $100 per barrel (and in AUD terms its still around $120)
Happy?
Cdchi1
ERH Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
