silly market cap10 May 2018 11:44
Even the company have presented on their funding unlocking $328mn (�241mn pre tax) of 2P at NPV10% for Liberator alone based on low recovery and low oil price assumptions. Their corporate presentation Nov17 shows a low risk path to $1.46bn (�1.1bn) valuation by H2 2019 (OK let's assume that's now 6 months behind target so call it H1 2010). With a break even of $25/bl for Liberator and this asset reputedly previously valued at �1bn by its previous owner when oil prices were higher, the upside from today's �25mn market cap is truly staggering given the speed of value creation which is possible here. Best of all, Carson and Heath have pedigree, massive skin in the game (6,500,000 shares each) and were responsible for Ithaca