The £25 million as per EB post is the current declared value unrisked or 5p per share, although it does not include some of the assets, including a 30% stake in the IOW licence that contains the same Portland oil as HH.
It could also be easily argued that the $20 million for Ruvuma was prior to the Arab Omanis committing $105 million to bring it into production & so is worth more.
Either way a mcap of £13 million is way below the proven asset value and that £25 million considers 0 upside from any of those assets.
Ah, sorry to hear that big smoke :( the record date was the 14th of August, when your entitlement was calculated and last date to respond & fund was around last Sunday
North of here is all I can guess, how far depends on how much more gas they find with the C-1 drill & If they also find the secondary target they are drilling for - Oil which would be a first in country.
Happy to build and wait and see at these prices myself, but dyor and GL
Looks to be a great recovery play at these prices to me. Farmout deal about to conclude, multi TCF gas resources and fully funded to production, might be why there are a few poster suggesting not to waste their time but posting here ;)
A declaration of commerciality @ Portland? Increase in the connected Portland volume? And the big one a Positive Kimm test with flow rates between 3 to 5 times the Portland?