Substantially Undervalued, O&G Situation in play, page-8

Updated table using A$0.4725 to £1

	Column 1	Column 2	Column 3	Column 4	Column 5
0	£	$
1	0.245	0.519	3,629,630	0.027661	0.024460
2	0.250	0.529	3,703,704	0.028225	0.025024
3	0.300	0.635	4,444,444	0.033870	0.030669
4	0.400	0.847	5,925,926	0.045160	0.041960
5	0.470	0.995	6,962,963	0.053063	0.049863
6	0.500	1.058	7,407,407	0.053130	0.050118
7	0.510	1.079	7,555,556	0.054193	0.051180
8	0.600	1.270	8,888,889	0.063756	0.060744
9	0.750	1.587	11,111,111	0.079695	0.076683

At 1.6 cents Argo has a market cap of A$2.1M, yet its true value based on its 7 Million PANR shares is 2.44 cents (that includes the deduction of A$425K to cover known debts) otherwise it would have a cash value of 2.76 cents per share.

As you can see from the way the dynamics of the PANR holding & currency rate work, at the current exchange rate, the true cash value of the company moves just over 0.1 cents for every 1p movement in the PANR share price.

News on the spudding of the Blackstone Minerals 1 well in Polk County Texas, is very close now.

LOTM