MT, It's extremely dfficult to judge for me, mainly due to the management not pulling their fingers out and getting a farm out partner to do the 3D's. All i know is that when you look around at peers and compare cash, assets and nearology this has to be valued at considerably more than it is. Like you say at least 25-30m for starters. On a TRP / Repsol strike 100m wouldn't be too far off the mark.
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