Happy Sunday - just a quick one. I am thinking about ploughing...

Happy Sunday - just a quick one. I am thinking about ploughing more of my hard-earned into this.

To me, I find it hard to fault the approach by management of recent times. Clear cut strategy in WA, next door permit was a duster, so, got over it, cash intact, moved on to PNG with very quick results in terms of the PRL 38 farm-in - they seem nimble, clever with plenty of energy.

They have a decent strategic holding of acreage in PNG (PPL 435, 436, 437) and then somehow managed to engineer their way into a decent share (25-40%) of PRL 38 (800+ BcF of gas gross), get 5% of KPL, basically without spending anything (payment to IES for the services of acquiring is linked to any future farm down). Management seem cunning as rats, and are already agitating the western province gas players with their own study on FLNG for Pandora Gas.

Can anyone poke any holes in this? Sulfur content of Pandora too high? is there some technical problem with it that is prohibitive? Is PPL 437 a dog? (didn't look like it to me). Surprising market cap is below A$10m

If you're happy to share, please do.....