Assuming we open at 6.5c so around the $25-26m market cap, then...

Assuming we open at 6.5c so around the $25-26m market cap, then this would value each 2C resource for both Aje and HW3 at about 80c / barrel which is way way too low for their asset base

80c is probably a fair risked valuation for Hammamet though. $1.50/bbl risked at about 50%.

All in all, somewhere around 8c does seem a reasonable share price now.

I'm not participating. I think we will be able to get the shares for cheaper than the SPP price in the near future. Normally I would participate so that the money goes to the company instead of another shareholder, even if that meant paying a little bit more, but I don't think these guys have done a good enough job to earn such altruism.