was doing a bit of research last night on the potential of ria, as whilst I beleieve I was thinking to myself somehow this should be alot higher in price??
not including any other permits or deals or anything that ria may have in the pipeline they have a 50% holding in permit WA 399P the operator and other 50% holder is CVN.
this is located in the Carnarvon basin in WA adjacent to the Pyrenees and Macedon Leases and Leatherback which i think are operated by BHP Petroleum and Apache Energy..
The interesting thing and I may be wrong in some of my calculations but in my endeavours last night I came across a valuation for CVN from about 5 months ago and Hartleys (the guys who did the valuation) reckon that this permit is targetting 6 mmbbls of net recoverable oil!!!!
fully risked this adds 3 cents of value per share to cvn's share price and unrisked 20 cents per share!!!!!!! now cvn has a market cap of around 650 mill???
so even fully risked thats worth what about 14 mill???
so who owns the other 50% again??? yes bloody ria!! and all with a market cap of only 7 mill!
it was a bit late when i did these calcs last night so someone please correct me if i'm wrong??
based on what i have just said ria are clearly undervalued and under promoted too, so lets hope the wait which has been painful at times is worth it eh??
RIA Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
