Turnaround play

In for a punt turnaround play here. Very low market cap of around 1.5 mill with cash of around 1.2 mill or there abouts after sale of Ukraine oil assets. Currently have debt with 3 loans with a party associated to a major shareholder so even if pay all of these off with cash from oil asset sales will still be left with approximately 500>600k cash with a market cap of 1.5 mill. They have stated they intend to reduce debt so might not pay off completely and are currently looking at acquisitions stating both in better more politically stable countries in oil as well as other sectors. The board has cleaned this up and are now looking for a new direction to add shareholder value. With a cap of 1.5 mill the risk vs reward sees a decent upside with right project and backing.

With the overnight OPEC meeting agreeing to cut oil production by approximately 1.2 million barrels per day or 4.5% of total production oil has seen a strong rally up 9%. If oil is finally on the turnaround HOG's possible intention to acquire new oil assets in more politically stable countries with an Aus entity that has expressed interest in funding and supporting this move could see a re rate. Have heard they are looking across the board at a number of sectors including oil plus other hot sectors with the intention of rewarding shareholders after some trying times in the oil sector. With currently only 330 mill shares the register is pretty tight. Merchant funds holding 13% and are currently working with them on acquisition targets and have a strong interest to align some decent projects here. In for a punt.