It might be due to the AMU news.AMU - Amadeus have a...

It might be due to the AMU news.

AMU - Amadeus have a "unsolicited approaches". They are a US based oil and gas junior.

Also ADI have a takeover proposal

AMU's reserves are similar to RFE's old 2009 reserve number (if you covert to MMboe). However, RFE will have much larger certified reserves soon.

I remain of the belief that RFE's asset's are worth $2.50-$3.00 a share.

I don't think RFE will ever get to the stage where they have 1000 wells drilled, because the cheque will have arrived long before then.

Over the next 12 months as the certified reserves are upgraded, and the production levels increase. An offer will arrive.

Also, better to wait 12 months for the offer, because anyone buying today would not bid $2.50, but if in 12 months the share price is $1.50 they may well bid $2.50 because the project will be further advanced.