Can anyone able to confirm how much cash Lion currently has. I just looked at their last half year report and as at 31 Dec 2006, they had $8.5M.
Since then they raised another 1M through options issue in January. From memory, they spend $6M on their failed South Marsh Island 138 well. That leaves approximately $3.5M projected cash. Revenue from Non Bula is sufficient to cover their ongoing and head office cost.
Cash $3.5M OS share $32M Cash per share 11 cents per share.
So the current share price of 14 cents is very close to cash holdings.
Current share price doesn't give much valuation to Non -Bula asset and 5 leases in Gulf of Mexico. I can't see share price going any lower.
LIO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
