40mill deal (17.5c/2+7c)*1.3= approx 20.5c
50mill (22c/2+7c)*1.3= approx 23.5c
60mill (26/2+7)*1.3 - approx 26c
I reckon we are looking at b/w 22 and 27c offer based on asset price of 7c per share after dilution and 30% premium.
That gives 14c net present value which I think is still fairly conservative given recent drilling and plausible estimates.
Oilman why so low with the 5c?
40mill deal (17.5c/2+7c)*1.3= approx 20.5c50mill (22c/2+7c)*1.3=...
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