Double Bay King - the prize is not North Matanda - it's not even...

Double Bay King - the prize is not North Matanda - it's not even the Longonjo Metals Project… the prize or rather should I say prizes is what CityView doesn’t currently hold and they are big prizes indeed. Specifically I’m talking about the Kwanza Basin and the Niger Delta Oilfield Concessions. That’s not to say that the prizes the company currently hold don’t warrant the current market capitalisation.

Not sure if the other guys that attended the EGM noticed but interestingly Smyth never mentioned the “Bakassi” word even though he was pointing in its direction the whole time. Smyth’s comment during his presentation on this area was that it is thought the whole area is floating on oil. This was main reason for the war. Because of the recent but now settled war the place was not accessible to oil explorers. The government is now issuing the concession (and that’s not guaranteed to go to CityView), but his team thinks whoever goes in there and drills will hit oil. How much – his advisors think it is likely to be a multi billion barrel play. So you can see where the excitement is coming from.

The $6 valuation was a number that Mark Smyth let slip when discussing silently over a coffee after the EGM. You can take it as utter rubbish or realise that this is coming from the guy who is running the company… the very person who is cutting the deals and knows better than anyone on this forum what potential lies ahead.

To throw another cat amongst the pigeons, what I didn’t reveal yesterday was the $6 valuation was actually only in relation to the Niger Delta. It did not include the Kwanza Basin. It did not include North Matanda. It did not include Catabola. It did not include the Cabonatite project. It did not include the Ucua Beryllium project.

This company has so many fires on so many fronts.

Kwanza Basin – this is a little more certain than the Niger Delta but again he alluded that they would be hoping to have an operation there that could produce 20,000 barrels per day and they employed world class people to advise the concessions to be chosen.

Until you realise the blue sky potential of these two projects and the expert team that has been assembled to monopolise on it, one will never be able to appreciate how undervalued this company is.