On mature reflection.....15 Sep 2022 00:12
....whilst I cannot be overjoyed with this outcome, remember we apparently only had one interested party (suspect it was Total) and, most important, look at our remaining assets and our present valuation of capital. We still have the Parta interest, the Daybreak interest, the remaining wells from Corallion and, the icing on the cake, West Newton. Our present capital is valued at around £20M (assuming this deal goes to plan). My ballpark for the others is £10M leaving WN in the balance sheet at a miserly £10M. i am concerned that the interview revealed S&S were planning to spend these proceeds on more exploration targets, rather than conserve it for WN, which does imply the need for another begging bowl but if, like me, you feel WN could well be huge, there is still some sense in holding. I notice that the closing SP was not the lowest of the day. There is also some logic in a merger with UJO.