It's clear from the annual report in May that Phil is trying to...

It's clear from the annual report in May that Phil is trying to add value on number of fronts.
What value can be attributed to each of these though.
1) Production and development
2)Exploration
3) New acreage
4) Producing assets.

Production and development, seems the market gives a value of around 3cents. IMO , zero for development given the uncertianty surrounding WL.. Q: if we had $24mil cash in bank at end of March any educated guesses as to bank balance now?
Exploration: value now would be next to zero. One to go and can't see too many drills on the horizon.
New acreage: Time will tell what transpires and what value the market will give to that but they seem to be looking in plenty of places. Australia, Thailand, Pines, Indo and Malaysia. No doubt with the conservative approach he would be looking to secure and farm out but this is always a very long process to add value.
Producing assets: With good cash flow this looks like the best and one of the only options to add value in the short to medium term. It's always been a goal of management to add another income stream. Use the cash to do this now.
All IMO only of course.