RE: 22 Billion Shares31 Aug 2023 10:45
The number of shares in issue really means very little, it's all about market cap. £66Mcap here with a flow test for 650M barrels of oil that's geographically located next to infrastructure that can extract it. If we use a conservative $5 per barrel sale price, we would be looking at an asset value of approx. $3.2B. At $10pb, it's $6.4B sale.
That is many many multiples of today's market capitalisation value. I don't really understand why so many people are fixated on the shares in issue - these exploration companies are listed on the market to access capital, which is achieved by issuing new shares.
I accept that the journey has been going now for some 8-10 years, but what differentiates this is that the company is heading towards a pivotal point towards success, the flow rates will confirm the position that it can flow at commercial rates.
I'm fully invested here for the flow test, I suspect that the SP will build into that period.
GLA.