RE:RE:post today Good morning Canada Turk .. I don't disagree with many on this board, the waiting is painful and though I do understand that COVID slowed the wheels of progress in finding an acquisition and/or farming out the deep it does feel like those wheels came to a grinding hault for the better part of two years. I think it is fair to be critical of this dead spot in the progress of the Company.
They did manage to divest of those tired old assets that appeared to have very little upside potential and that took a great deal of G&A to manage and were a constant distraction from what needs to be the focus of the Company, namely an the acquisition of an asset with good and low maintenance production and significant upside potential as well as finding a partner for the deeps.
With that cold criticism said, I still maintain that the company is now in better shape than it has ever been. They are sitting on an asset with a potential of 10 - 20 TCF of natural gas with over $100,000,000 of other peoples money spent on sciencing the project. Is it a slam dunk, no, if it was we would be trading in the stratosphere already, but does it still have significant potential, in my opinion I would say Yes, and for what it's worth, in my humble opinion, I think they are very close. Others will of course differ on this, but that is the nature of junior exploration companies and how us shareholder have the potential for some very big gains. With that said, it's been a long time coming.
In addition to the exploration potential the company does have that cash they keep droning on about and I also agree with many of the critics here, the cash story is getting old .. Management has has close to 3 years to find that golden opportunity .. it's time.
With those critical words said, it was very smart of management to raise money at north of $5.00/share and $US40,000,000 in the bank is not just pocket change, especially at a time when Junior Exploration Companies are still having a very difficult time raising capital.
And so what is the company worth now? Well, with the cash in hand, the dual listing and giving no value to the deep play it seems to me Morningstar has it about right at something over $ 0.80/share (IMHO), and if that is true and a fair assessment it seems that this take a lot of the risk off buying at $ 0.44.
With all of that said, from the latest presentation by Dr. Sean Guest, President of Valeura, it seems they have some irons in the fire and if they can make that next great deal, be it acquisition of Farmout of the deeps, or both, we are off to the races again and that is why I am here. I have no interest in $0.80/share and I will wait for $8.00/share or $0.00/share whichever comes first. That is the nature of the junior exploration game. This of course is not investment advise for anyone and I have always believed that unless you understand that you could loose it all, you should not invest in junior companies. Ya play your cards, you take your chances.
All the best to longs,
Doc.