Although I am frustrated with the lack of progress/ farmout, can't really see this going below 2 cents as it would give an enterprise value of >~$3.5m.
They do need capital but as mentioned, if the asset is either viable, it's worth plenty. Best estimate is 69 m barrels with break even at 10.8 m barrels.
This ran to 10 cents easily based on CVN news and oil industry looking better.
Directors own a heap so don't see them raising a lot at these levels - maybe similar to last year – another $0.8m to cover 12 months.
In summary, seems short term traders have left. If your happy to wait and see if the asset is proven, 2-4 cents gives fair risk and reward.
My opinion only. Please DYOR.
Although I am frustrated with the lack of progress/ farmout,...
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