RE:RE:RE:March 30 Article: NIS Moving Ahead With Romania ProjectGoing to have to disagree on that. First off, the market has given zero value to any possible deal on Romania, despite the project officially going ahead via NIS. Given that oil prices have almost tripled and gas prices at least quadrupled in Romania over the last couple years, that project is needed now more than ever. What we don't know yet is what East West will get for it. NIS has invested over $100 million USD and EW will need to raise at least $20 million Canadian on top of what they got in cash, in order to match their portion. Based on their February 2021 news release, I'm guessing they'll just sell their portion.
Then lets look at what else they got:
80 barrels a day of Brent production with upside in drilling, workovers and $5+ million in cash. There are companies on the venture that produce the same amount, have terrible books and are getting multi million dollar evaluations. Pefect example is NZ.V, same production, books are awful and the market gives it a $3.5 million market cap. Well if that's the case, then East West should have a market cap of at least $8.5-9 million right now at the bare minimum, with positive cash flow added to their balance sheet.