Ivor, much like myself got into KAR at sub $2 levels, in fact I first entered KAR before the late Ken of TGH.
The current share price is a whisker under $0.56, and the company has almost $0.15/share in uncommitted cash, so the enterprise value per share is $0.41. It will take a number of wells to prove up 12Tcf of gas, however given MEO's 3-well carry, the well understood geology (much better than Poseidon, ie shallower and with better porosities and permeabilities), the upside is attractive.
In a best case scenario, Artemis could deliver MEO share holders a 10-bagger. (we don't use this phrase anywhere near as much post-GFC, but this instance justifies it.
This simplistic analysis obviously ignores up to 5Tcf of already discovered at NT/P68 and the monetisation value of assets (TSMP) that have the potential to convert a liability (CO2) into an asset (methanol).
Gee, I wonder if I will be holding through this drilling campaign? At $1+/share, I would hedge my bets, but at $0.56 selling out is like throwing away your ticket before the race has even commenced.
MEO Price at posting:
55.5¢ Sentiment: LT Buy Disclosure: Held