significant upside, page-3

I think the risk/reward equation is still in play, however a lot of the risk side has been taken out at these prices imo.

If there's no oil, something I'd consider unlikely, then I'd guess the sp will drop a little, perhaps as low as 3c. After all, we still have other assets just none as immediately lucrative as Senegal. Perhaps lower short term while the panic goes one, but wouldn't take too long for bargain hunters to step up.

If there is oil, but the Senegal government pushes the leases elsewhere, sp to drop. This is probably the key risk as I see it. Again, I'd have thought unlikely though.

If there is oil, and it just wasn't Shell's cup of tea, then we're back to 10c+.

If there is oil, and we've got other interested parties who might be happy to have a go, then 30c+ is back on the table.

More than happy to hold