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I think it may even do a 1000% if the diamonds land but its going to do a 100% regardless as soon as this churn is over, going at a rate of knots at the moment. TR1 buyer hasn't taken over 4% lightly.
He can go on record as many times as he likes it doesn't mean a jot when they've had to extend the PSC multiples times because they can't close a farmout. Cash only has so much runway. As for my commentary the share price looked weak and had a large sell print compared to average trades, it won't be the first or last time that could indicate something or nothing.
Keep an eye on the burn you can't go wrong and don't get too attached or emotional, shares are for making money.
If it tags 0.12 it's goes past that imo, that's only circa £15m mcap - still a 4 bagger as you say but too cheap imo. BOIL with 19bn shares in issue to TRP's 12bn is already trading at £15m mcap at 0.08 without a rig or farmout - TRP now has a rig contract signed. BCE with 13bn shares in issue tagged £30m pre spud. UPL are valued at £47m pre farmout.
Whatever the case, I think we can agree sub £3m is a steal right now.
Look at the net cash flows on a success case, 8000 bopd with peak production of 16000 bopd. Looking at $100m in net cash flows per annum. This is from TRP presentation. Reminder this is not a wildcat, the upcoming drill in Q2 is flow testing a TOTAL drilled well that hit oil for commerciality.
With a rig secured, £2.5m mcap is too low now. This should be trading between £10m-£20m right now, think thats where its headed, and by spud £30m-£50m.