Hartleys puts a value of $82.5m on a 1/3 share of WA460P CMT has approx 70m fpo issued so on an unrisked basis success at Palta equates to around $1.17 per share. Risked would be approx 12c pshare Hartleys goes on to say that full value would not be realised until the j/v drilled their own well to prove their ground. IMO it is more likely that the Shell/Mitsbishi alliance would buy the asset should Palta prove economic. A likely would be multiples of CMT's current market cap of $12m.
BDM Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held
