$48 million market cap (6.9c) Cash $18 million (I deducted cash required for Ironbark remediation) Oil and Gas explorer and producer
O&G plays have been rerating regularly lately, and so may this one. In December its Ironbark well failed to find oil and was plugged and abandoned, sending the share price down around 2/3 (ouch). It is still around these lows.
It has three small O&G production sharing arrangements in New Zealand and Indonesia, and these should be benefiting from higher oil prices. It has $25 million cash of which $7 million is earmarked for the Ironbark failure (I believe), and no debt. This cash will eventually be redeployed in the business and some modicum of positivity may be restored. An update from management is due.
