peer comparison still in tact

Just an update after I crunched some numbers again against Altona, here's what I realised;

Altona have
1. 5x greater JORC.
2. MOU's for offtake agreements.
3. PFS, and have started the process of attaining the BFS.

GulfX are targetting the equivalent (again 1/5th of the resource though) by the end of the year, see this link;
http://www.syngas.com.au/index.php?option=com_content&task=view&id=330&Itemid=327

In this market turmoil, Altona have dropped to GBP3.60 or $7.20. From memory the dilution/market cap was relatively equal (i.e. allows for GLX to dilute up to this stage)

So $7.20/5 = $1.44.

Still great value based on this comparison, assuming of course they achieve these targets, which I might add are actually part of the conditional agreement of further shares issued to the directors (founders of Syngas Energies) in GulfX. So the incentive is there for performance.

It's going to be an interesting year.