I note that there are 1.7m options with an exercise price of $1.00 and 2.55m with an exercise price of $1.25 due 31 October 2008. It will be interesting to see if they stump up the cash! Quite a big ask really in this market and with production at least 4-6 months away. But what a different company when both fields are producing!! Even on a PE of say 10 the net cash flow expected (see recent interview with Masterman) of $US40m gives a share price closer to $4.00 - $5.00 than the current $1.30.
H
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