re: still trading heaps - ian Gorgo,
It's about neutral for LIO.
On the minus side, Bula was cash positive, and likely to be so for a while.
On the plus side, they take a profit on the deal, and the $5m in cash will be enough to involve them in a drilling program somewhere else.
The price was about what I'd estimated back in July, and Oseil is a more valuable asset.
The only thing that concerns me is that weasel phrase 'arms length'. I wouldnt be amazed to find Lion is selling Bula to Guiseppe Mercorella.
I dont see Lion as a compelling buy any more ; I think that it's fully valued at a cent and a bit.
Ian Whitchurch
still trading heaps, page-8
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