support level?, page-12

Re the cash support, I reckon that without needing to pay for the DST they should have c AUD27.5mn in cash still available....which is nearly 16 cents a share.

They also have the US assets (worth perhaps 2 cents a share), Malta (assume worth nothing) and the legal case regarding Kenya (which IMO may turn out to be worth 3-5 cents a share, though is highly uncertain at present and should be more or less ignored).

13 cents in those circumstances looks about right for the support level....and it will be interesting to see what they do next!

Pity about the well outcome - I've had a nice run up and all the way back down again....rather a shame I didn't sell a share but, in retrospect, the market seems to have been right in thinking it was a higher-risk well than it may have looked (I reckon it didn't get to discount much more than 8-10% CoS, compared to TRP's risible estimate of 25-50%)

ee