Not sure the lack of Spud info at WM26 is reason for concern yet, as according to the Quarterly Report it wasn’t anticipated until the end of May anyway. If we don’t have an announcement on this by 31 May I think there may be a valid concern.
More importantly where is the announcement on the GSA to IPL, which again is due this month, and should bring some excitement to the market. According to the webinar all our available gas has now been sold, which I’m assuming is ~100PJ, to IPL at “market rates” with IPL paying the transportation costs, and which should “triple our revenue” once it starts flowing after 01 Dec 2018 (forecast). Based on current revenue of ~$40m (FY18 forecast) this suggests an additional $80m/year, or a FY19 forecast revenue of ~$87m, & FY20 Forecast of $120m (excluding any potential upward improvements from upcoming drilling/plant upgrades/Qld acreage, etc). Starts to make our current Market Cap of $127m look very low.
Happy to be corrected on any of the above…
CTP Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held
