I agree we will be pushing the all time highs we hit in March this year as we get news of the drilling and closer to the time (20c).
If we hit oil in the PEL 6 drilling later, it will be dependent on a number of variables, but I think $1 is a reasonable estimate. Equating to a market cap of about $150M and knowing that the majority of upside belongs to OIP.
As for CSG sucess, because of the farm in arrangements obviously the upside will be shared but with the added bonus of the corporate action as Hardmano referred to. Agree the updside will be in the 40c+ range.
Downside, not much with $13M still sitting in the bank and a market cap close to it. Plus "gassy coal seams" already found and new leases coming online. That my idea of risk - minimal.
OIP Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
