As a medium term BESBS play, I'm liking the entry at these...

As a medium term BESBS play, I'm liking the entry at these levels, 11-11.5c.

I reckon ~9.5cps of MOG's sp is supported by the fair market value (FMV) of its 15% Artemis stake.

ie, prior to any exploration success, PBR are paying USD80 mil for 50% of the permit.

Therefore 100% implied value is USD160mil and MOG's 15% stake is USD24mil or AUD27mil at FX0.88
AUD27mil / 288mil shares = 9.3cps.

Of course, risked value is much higher and will begin to be reflected in sp when spud gets closer.
Contingent resources at Judith and Cornea potentially worth something in time.