RE: RI Open Offer end 202512 Aug 2025 10:17
Stevo12 - I hear you, and don't blame you for wanting to take some profits after being in so long.
I think a lot of people will be in your shoes, but there will also be a crazy amount of hype and media etc. and a lot of new investors will come on board, not to mention institutional investors who will see the share as significantly de-risked when FID is achieved.
You may well be right that £2 may be an irrational valuation at that point in time, but the market is not always rational. £5 was an irrational valuation 15 years ago and it still occured based on the hype of the discovery itself, and I think similar hype will occur if the project is sanctioned.
Very roughly that wouldn't be a million miles away from the valuation we were at then (£5 SP) market cap wise when adjusted for dilution.
I can see the argument that the world is a different place now in terms of O&G attitude, oil price, and that we only have 35% equity since we were farming out. Those are obviously valid points so it's difficult to make the comparison from now to then.
But at that point in time the valuation was based on the discovery alone, and as we all know too well there are a lot of hurdles, risks, and time to overcome from point of discovery to actually getting the project over the line.
My guess is as good as any ones, but I think that if/when that FID RNS drops this share will explode.