Lets see if the media reports are true?
If Minres bought WGO on market at 35c and IMO that changes the NWE bad takeover price like for like to 7c.
Calculations below.
WGO has 211PJ of gas.
211Pj = 211,000,000Gj
WGO shares on issue - 1,223,122,326
1,223,122,326 × .35c = $428,092,814 WGO Market Cap
lets round it up to $429m Market Cap.
$429,000,000 Market Cap ÷ 211,000,000Gj = $2.03Gj.
NWE 220BCF = 232Pj
232,000,000 x $2.03Gj = $471,000,000 Market Cap.
NWE Shares on issue 6,713,571,592
471,000,000 ÷ 6,713,571,592 = .07c
If MinRes has bought WGO on market at 35c they have now valued like for like NWE at 7c.
Please note this is with a conservative 220BCF of gas from Lockyer Deep 1 well with a further 4 wells planned for 2023
Lockyer Deep 2
Lockyer Deep 3
Lockyer Deep 4
North Euregulla Deep 1
NWE are funded ready to drill these 4 wells in 2023.
7c is better but still no thanks.
