Rising 3% - 5% everyday on very large volumes and very tight spreads. No RNS regarding changes to existing major holdings, so one must assume this is being traded up by independents via the free float.
Currently EXI has a $180 million market capitalisation. It will, by the end of June (H1), have a $100 million net cash position. So even with the latest 25% increase in SP, the current valuation of EXI assets is $80 million or 35p share price. That is approximately $0.16 per 2P barrel reserves (500 million barrels 2P). Recent sales in Russia have been $2 to $3 per 2P barrel reserves. So the valuations of comparable Russian oil companies is 15 times higher than EXI. This is made even more… Read More
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