3DO has put in place a great strategy1) great JV partner in...

3DO has put in place a great strategy

1) great JV partner in Hibiscus
2) partner with sufficient funding in place to get the project up And going
3) purchase of a second hand rig capable of withstanding Bass Straight weather.
4) acquisition of a new lease with good potential. 5tcm gas.
5) hibiscus in involved with Rex oil who has access to some great technology. 7 results from 8 wells.
6) short development timeframe
7) several potential other oil discoveries.
8) FEED is currently underway.
9) strategy to lease back rig is underway once it is modified for use

Some development risk to go but it's all starting to happen after many years.

Has anyone done any valuations more recent than february 2013?

Only concern is around lease costs and the first take by Hibiscus when production starts. I don't understand the terms fully.



The only one I could find was for 0.29 cents done by a broker which is on the web site.