Originally posted by HAC30
Not sure I can agree with much you have said there, if anything. However, to ones own. Saying you can't attribute any value to prospective resources is like saying a JORC isn't worth anything until it's converted to reserves (which would make the valuation of most of the ASX spec space zero). We already have a very good idea of porosity and permeability which is a big part.
How many holes have they drilled in the area?
That looks to be 12 to 18 months away and could be as late as 2021.
Until that is done porosity and permeability are unknowns IMO.
I understand what you're point is but the well will be drilled to a minimum of 3000m for their performance shares to vest, so I'm assuming the HC in Upper Angwa are at around 2500m, quite deep, which is vastly different from digging some trenches and doing assays then drilling 2-300 meters.
You are talking kms here.
As I said before I there are many many oil companies on the asx with prospective numbers that dwarf these all with zero value attributed to them. DB
