... Magna offered US $4 million for 10% of the Cambay asset and...

... Magna offered US $4 million for 10% of the Cambay asset and then thought that was such a grand idea they offered another US $2 million for a further 5%. Well, if they thought US $6 million was a great deal for 15% of Cambay then what do you reckon they must think of the following?

If 15% of Cambay is worth US $6 million then 100% of Cambay must be worth US $40 million, mustn't it? At least to Magna it must.

However, what's the whole of Oilex worth right now? Well, it says AU $49.97 million on the right hand side of the HC web page which is equivalent to US $43.6 million at today's exchange rate.

So, Cambay is worth US $40 million (and that's a steal right?), therefore the Canning Basin assets, Bhandut, Sabarmati, JPDA 06-103 (Timor), West Kampar (Sumatra) and the US $10 million Oilex have banked is worth $3.6 million.

Interesting times. Can it really go much lower?