resetting expectations, page-3

Rap

Expected prices are as follows:

1. Upon JV announcement: 12-13 cents (i.e. around 100% upside from here)
2. If spud announced: add 3-4 cents for first spud + 2 cents for each extra spud announced

Realistically, if they can announce that they have secured a partner and will drill one well, I would expect the price to be somewhere between 15-18 cents with speculation of a positive hit potentially pushing the price up over 20 cents prior to the drill.

But of course, this all depends on the terms of the agreement!

Love puff