sector - c/notes are debt - so the EV = 35m + 47.5m - 16m = 66.5m....so mk is "valuing" the dirt at 40m .......
given minimal production and not sufficient cash to develop it fully ....then I suspect (unless management can pull off a farm-in deal) ....there is more downside to come....
rgds
V_H
Way Oversold, page-42
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