the options are a punters fantasy trade, page-2

If they are successful with this first well, and assuming it takes 6-8 years to pump the field dry...and remember they own almost 100% of it....even with 30% recovery, yes 50¢ is conservative. My calculator tells me to expect much better than a dollar....They've already got the funds to put in production wells should Willaroo deliver. ESG hold a large chunk of the shares (and indirectly HGO via their ESG holding) - not a huge amount of shares out in the wild. Agree with your points. Very little downside...and some awesome potential. Now suppose they get even luckier and find two producing fields....have to switch hands thinking about it. My accountant likes this one too.