have to agree with you there simob..... They are one of the very...

have to agree with you there simob..... They are one of the very few speculative companies on the asx who are able to in some capacity fund their exploration activities through the generation of revenue from their other projects.... This coupled with a continually high price of oil interacts to form something big.... Just some simple maths would show

200bpd (mirage) + 200bpd (growler) = 400 of which itc takes 40%

Thus 200 * 100 (oil price at 100 at barrel) = 20,000 a day

now hypothetically if we were to earn 20 000 a day for 365 days = 7 300 000 a year....... sales then we must obviously minus overheads and such though there would be a fair bit left in the kitty for exploration....

IMHO this stock is undervalued...... and if they are to find more oil.... well this should take off NO IT WILL TAKE OFF...

DYOR though IMHO stocks like this dont stay this cheap for long.... THUS WHY CHALLENGER HAVE TAKEN A POSITION....