overvalued 100% target 3.2c

Like a drama, watching WHN for a while, canot help but laugh when SP soar above 6c, crazy ramping but no substantial buyer, no institutional buyer as well.

Initially, Hartely gave 10.5c valuation, based on 15 billion oip, then WHN updated to 5 billion only, then 4 billion, then 3.4 billion..... when the figure keep dropping, SH should realize one thing--actually these figures not reliable at all.

If you have a look at single lead, currently the maximum is dropped to 459 MMbbl, not like 5.4 billion 6 month ago.

I donot know how Hartely is embarrassed by its initial report, clearly misleading people.

2 years ago, when Afren plc has agreed to buy Black Marlin Energy for roughly $101 million. --If you compare WHN with Black Marlin, you may find out black marlin has much higer potential then WHN, the previous drilled 4 wells are all close to Black Marlin's blocks in Seychelles. BUT now WHN's MC is already close to $101 million.

Fram-in is still far far away acually because of the well codt and production cost.

Such large area, even if these is 3.4billion in place, $100 million MC is still crazy, no one talking about production cost in this isolated region, but I believe $65-75/bbl is the fair cost.

Drilling cost should be US$40-60 MILLION/well, my figure is from Afren's report---Afren's intention to drill one well in its Tanga stake( East Africa shallow water) "drilling of one shallow water exploration well subject to a cumulative cap on gross costs of US$40 million."

FAR did 3D sesimic in its west africa block long time ago, although 2 billion OIP supported by 3D sesimic, the high cost-$60 million scared many of oil majors out of a framin deal. WHN just did 2D, no reason to show farmin is easier to be done then FAR.

Finally, not scare you WHN followers, if you check KIK, which is doing 2D target 2 billion bbl in one single lead, its MC is less than $8 million, NDO is targeting 24 billion bbl in place, producing 0.5 MMbbl per year, but its mc is less than $70m, PPP has $80m cash on hand, producing 0.4 MMbbl per year, Mc is $70m only. if you compare WHN with these companies , you will find how WHN is overvalued.

all in all, I believe SP will drop to 3c range soon.
Just wait and see!