TEG I think may have something of an arbitrage trade in it after the large move on GAS.
TEG own 47,812,500 shares in GAS after spinning it out a while back, face value now is $32.5m which exceeds TEGS MC by several million.
In addition to this TEG have a producing oilfield in Cliff Head and a stabilisation plant called Arrowsmith. Arrowsmith has a bunch of spare production capacity so anyone finding oil in the Perth Basin will likley need to use the facility. (build cost $330m)
They have a 45% interest in the Xanadu oil discovery for which they are currently setting up a 3d seismic program with a motive of bringing it into production and a 50% interest in KEY's most productive permit.
Reckon fair value is currently in the early teens
Short Term Trading Week Starting: 3 December 2018, page-61
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