I think a few things first, you are comparing $930k vs $96k bank.
But reality is, you can't use 365 days for 22 wells ever in O&G, as you are bound to have issues with a few and workovers during the year, and others dropping off, and completely unworthwhile.
I personally always use 330. (days)
So some may be producing 1boepd and others 10.
Average is 2.4 max, but doesn't tell you age and state. (maintenance capex)
Max Rev imo pa is $850k year 1, but that's GROSS. Again, NRI, transport, rocky discount etc all pointed out before.
Acquisition is AUD$2.677m at todays rates (where Gasseds math failed first base)
as it's $2m USD, and raise is of course AUD
It's designed to keep the admin lights on, but with such an end of life asset, the growth needed to come from all the past hype over the new low cost verticals.
This move fails to address any current operational plan with the current acreage and fails to raise any money for drilling, a supposed "new oil field" already high graded with seismic.
What it tells me, is a red flag on confidence in current plan for Pathfinder as existed due to the excess gas found in well 2 and 3.
Read all past announcements on current plan, and tell me they are on track?
There is no money to drill and complete a single next vertical well...as they are now "testing" and reviewing "results"
I estimate CR 5 will be before end Q1 CY2017 as telegraphed before.
