Ben32, your post prompted me to re-read the last few investor presentations and broker reports. It looks like you are not the only one that thinks that way.
From the 28 Nov 2011 report (Hartleys):
"African Petroleum has stated in its November Investor Presentation that it plans to drill the Alhamdulilah prospect in Q1 2012 (we assume some slippage to mid 2012). The prospect is estimated to contain 500 million barrels of unrisked mean recoverable resource and overlaps by ~25% into FAR’s Senegal acreage. FAR is effectively a 22.5% interest holder in this prospect, given it net exposure of 112.5 million barrels, which could add over $1b, or >50cps, in value for the Company. This is around 20 times the current share price with no expenditure requirement by FAR. In the event of discovery, issues surrounding unitisation will be moot as we believe that FAR would be quickly acquired".
The timeline provided by FAR in the investor presentation released on the same day (page 22) looked a little uninspiring (to me at least), but the things happening around us in the coming months could be very tasty indeed.
So if Hartleys thinks that FAR could be taken out, you can be pretty sure that FAR management think the same thing. >50cps? I could live with that...
Cheers,
-disco
FAR Price at posting:
3.0¢ Sentiment: None Disclosure: Held
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