upgraded to buy - valuation 16 cents, page-23

What I find annoying about the market is that the SP bumps a small amount only on good drill results from Karoo, then as much again on what a broker says. There can't be equal value in the two announcements, one is hard evidence, the other is a guess, all be it an educated one.

I believe Hartley's are quite conservative given that once the licencing process is complete, the investment value will be proven and the SP will move to match. Having made this prediction, I now expect the market to place equal weight on my view (hopefully).