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02/11/16
18:47
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Why not make a low offer.
Company is moribund.
No oil production in the feasible future.
No drilling.
No idea how big the main Ungani oil field is.
No idea what the steady flow rates are from the tight gas wells.
No money available to fund any drilling campaign.
JV partners in no hurry to do further exploration.
Current zero drilling until some time in 2017
Current market cap $68 million.
40% premium which is generous.
There would be a rush to the exit.
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