I like your comment about the share market remaining irrational...

I like your comment about the share market remaining irrational for longer than you can stay solvent. Very true.

I recently purchased this stock because I like the acreage they have in the US. I have been a long term holder of Eromanga Hydrocarbons (ERH) who have a similar market cap and are similarly unloved. They have recently completed a horizontal well in Oklahoman that started flowing 750 bopd. The market penalised the stock price by 10%!!

Anyway, the moral of my story is that there is sometimes no rhyme or reason to any of this, you just have to form a view and stick to it. I think oil is only going one way, onshore US is a nice safe place to be with ample infrastructure and ready markets and if 500 bopd can be achieved here then this stock should be 30c without valuing opportunities (15% discount rate, 2% production decline, $90 oil, 20% royalty).

While it may never get to 30c it certainly shouldn't be 9c.