in my view they will be re-rated once they achieve (or are close to achieving) good cashflow. Once they stich up a merketing deal for the Churchie field and have all the permits in place (assuming no more substantial capital has to be raised for infrastructure) and get more consistent production from their small oilfields, they should see over 25c. Until then, will probably stay in the current 17-20c band.
angus
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