What is the realistic value of the Heintschel field? Net present value of expected production with oil at $73/barrel is $24,7m (ASX ann of 8 July). If a farm in or sale is achieved, value will be comfortably over 3c/share imo on cash backing alone, obviously dependant on the terms of the transaction. Question is how close to fair value is achievable in a market where bargain hunters abound? BUR history of lease trading is far better than their history of extraction.
On the Up ?, page-7
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