TSV/TMK entry point, page-43

Guys, take a look at Delphi (DEE CN) or any of the other small Montney plays, they are being destroyed (new lows for DEE last night -5.56%). We are outperforming them because we do not at this stage have any debt, so we have options, but companies like DEE could become forced sellers if debt covenants etc were to start going off and this would drive down the valuation of acerage if there were perceived to be distressed sellers in the play. It's this kind of thing that explains our share price. I continue to believe that these smaller guys are not yet genuinely distressed , and things could flip positive relatively quickly, but we have no catalyst/inflexion point for this. I will continue to sit with acerage valuations of $3,500 to $5,500 produced by Stein and the broker research, but transaction market is closed so we simply don't know what the current market disruption has done to direct valuations.

The Calima specific issue is we have issued 1 billion shares but we've never had a big volume day. With two natural sellers TSV/TMK unlisted and RBS Morgans HNW network, this is simply not good enough meaning the downside is extremely easy. I thought Stein etc were doing a good job of spreading the story, but it hasn't translated into any buying of any note at all, I live in hope that the independent expert result due this month will finally see some material insto buying. Techncailly below 4 cents and the downside is whatever it wants to be unfortunately, either buyers turn up or they don;t