Pardon the fact that I have not read the threads and may be duplicating information or asking a silly question but...
Origin recently sold its Ironbark project which has about 50 PJ of combined 2P and 3P reserve. The project is in exploration and appraisal stage and may have greater potential etc. but it was sold for $230 million i.e. circa $1 million per PJ. Per my understanding and review of Origin's report, they sell natural gas for circa $5 per GJ (or $5 million per PJ), so the transaction and value makes sense becuase there is cost involved in taking gas out of ground etc.
Ironbark appears to be on the verge of converting to circa 2,500 PJ 2P reserve. Based on the above, does this mean the company is worth more than $1 BILLION i.e. at least a 10 bagger from here.
Am I being too naive and there is more to it than I am seeing or considering? I don't hold this stock, but actively exploring and this looks exciting.
LCK Price at posting:
21.5¢ Sentiment: None Disclosure: Not Held
