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09/02/16
19:55
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Originally posted by cmonaussie
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Waz,
Mississippi Property has
PDP Reserves: 34,557 Bbl Oil
PDNP Reserves: 78,629 Bbl Oil
Total 1P Proved Developed = 113,186 Bbl Oil
Depending on what Margins they make, but this is only fetch around $12/Bbl at present. My guess is its worth about $1.25M maybe. Just look at Birch .... $1.5M for 191,490 Bbl oil (the gas is free) ... that is LESS THAN $10 Bbl for PDP oil! The PUD is "free". Put that multiple on Miss property and its value drops by almost $500K
IMO they are underwater with the loan facility. Haven't received enough cash from sale of the EFS Reserves to pay it off
Pathfinder only worth what ranching leasehold is worth (if it was that bloody good every driller/fracker in America would be drilling Pierre wells)..... so what's that $200/acre? Call it $2.25M
So Assets of US$1.5M (EFS) + $1.25M (Miss) + $2.25M (Pathfinder) = $5M
Liabilities (RBL) of US$1.5M
Rough Net Value of US$3.5M (assuming C&CE wash with Payables and short term liabilities)
In AUD that's approx $5M ...which IMO is tops...
where is the SP is right now?
$0.0008 x 374,859,22 shares issued = AUD$2.998M
Tells me market is factoring AKK does not have the money to drill Pierre wells (maybe this one but then what?) even at $500K a pop. Need a real gusher this time.
Just my WAG.
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If it is a "gusher" then this is trading like an option to that working out ie the sp effectively has an expiry date but also leveraged upside , did they not say the last well was a gusher what happened to that gusher ?