Great VALUE based play- amazing difference in Coy spec's compared to this time last year. Real forward earnings can be applied... Real value due to cash in bank and approx value of oil land can be applied. Speccie value for the upcoming drills for oil can be applied to a degree.
Not unexpected that value seekers have hooked onto SSN since noted when under 6c. As negative value being applied to future drills which made no sense.
2 Producing wells PLUS cash in bank is worth 7-8c in my calculations. Oil land must be given a greater value than land sale. As oil land in HUGE demand as OIL reacher higher highs since last year.
ST target for value investors must be approx 12-14c. In the LT is purely dependant on further drills and the oil price. As they are Producers and developers now, as opposed to purely explorers now.
Well done to those who punted when they were purely explorers. Now I prefer them on a value based figure. As explorers have huge downside risk. Very little downside now as producers, developers and all cashed UP. IMO.
Smart money entering the Coy now IMO ready to ride the oil price to new highs and we benefit from the big 3... commodity rise, cashed up and deep in oil land.
Good times. Hit 10c in Jan\Feb- beautiful. IMO DYOR.
Cheers JAY
SSN Price at posting:
7.1¢ Sentiment: LT Buy Disclosure: Held
