These were compiled prior to the 5% gain on WA-360-P, the 15% gain on WA-361-P, the 5Tcf Greater Heron resource estimate from the GC&C studies and the acquisition of AC/P50 and P51.
In it they have allowed for further dilution to a Valuation Capital Base of 707.2m shares, an increase of 45%. Using this share base of 707.2m their estimate of the VPS (Artemis unrisked) is a range between 72c and 1.61 with a mid-point of 1.16.
We can increase the value of the other assets ourselves but if we take these figures with the 5% increase or Artemis alone (making it 409+5% = 430 etc) and use .98 FX (rather than .88) we end up with the equations:
P50 low value ((430+38+30) div .98) div 707.2 = $0.72cps
P50 high value ((956+91+50) div .98) div 707.2 = $1.58cps
Mid point $1.15.
After a 45% dilution without taking all the latest factors into consideration we still have an independent valuation of MEO @ $1.15 which is very nearly a 100% increase on todays SP.
Of course Mr Market could look + or - to this figure but the CEO indicated a number of times during the AGM presentation that the progress of the company was to obtain maximum value for SHs.
I am sure he and his team will continue to work towards this end. They haven't let us down so far IMO.
#:>))
MEO Price at posting:
58.5¢ Sentiment: LT Buy Disclosure: Held
