Even if there was no value left in Umiat there was less than 10 cents per share (fully diluted) expended in this venture.
But there is value in Umiat. Link are staying with 1.2 billion barrels of oil in place and 2p plus 3p reserves over 300 mmbls.
Holding that asset is worth 10 cents per share. In fact the lessons learned to date add considerable value to the LNC team.
Looks like the punters lost the plot to me. But so has the Reserve Bank as it predicts a slow collapse in our economy. That's why the sellers panicked.
Cheers all,
LNC Price at posting:
$1.51 Sentiment: Buy Disclosure: Held
