Simply used the Mac Bank figure in the recent post on their $2.60 valuation. It said 169 million after exploration expenses.Doesn't mean that is correct though could be close to your figure.
I must say looking at the chart from December, AWE has fallen alot more than other oilers therefore I am resetting my bounce expectations to about 180-190. Oil has broken a technical resistance which means it will probably rally and I would expect money to start flowing back to the oil sector. AWE having fallen very hard can easily recover 25-35 cents and still will be 40% of its peak.
Although there may have been some exploration success built into the price, the fundamentals are not 50% worse than they were at the start of the year. If Yemen comes off than a quick move to low 2s would not be out of the question.
At the risk of sounding like a tosser, I bought another 130k units at 154 on Friday so I really hope my predictions come true. Interesing o note that AWE was down 7% for the week, therefore if we do have a price reversal a 10% plus week not out of the question
AWE Price at posting:
$1.57 Sentiment: Buy Disclosure: Held
