SP Angel..27 Mar 20191 Apr 2019 16:10
(LON:BOIL) – 0.09p
$14mm (0.79p)
Portfolio Refresh
The update from the Company has provided some insight as to where the Company has been focusing its attention, not least with respect to the results from the Colter drilling programme, the results of which are still being assessed.
The disclosure that the Company has expanded its investment horizon to include opportunities outside of the UK and Peru is also a plus, especially as it underlines its relationship network in Asia.
The addition of Andy Yeo to the board will also allow the burden of the day to day running of the Company to be lifted from the technical team, which has been bolstered by the arrival of Jon Ford. In allocating the public market and administration roles to Yeo, this frees Butler and Ford to focus on generating shareholder value at the drill bit.
While our valuation remains unchanged at $14mm (0.79p) as a result of this news, we believe that the probability of a near term expansion of the Company's portfolio has been increased, and with it, the potential for a material devaluation of the Company.