If BUY has only 15% equity at drill time and a market cap now of $42 million, and MMR has 5.5 times more equity than BUY ..... then a market cap for MMR anywhere less than $200 million is cheap atm (using BUY marcap as an guide) .
Obviously both will have market caps far greater than current levels when the gas is drilled and even more again if proven but as far as I can see now MMR is way undervalued for the equity it will control . MMR/MMRO are looking prime and it seems a big player decided to buy en masse the past few days .
Let's face it BUY are only runnng because of the Sydney Basin equity so MMR was bound to sooner or later .
mmr in the australian, page-10
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