Scotia raises target to $0.75Notes estimates by DeG. & MacN. of P50 gross prospective resources of 217 mmbbl plus 73.5 mmbbl of "2C contingent resources", 120% increase vs '09 estimate of 132 mmbbl.
Risked NAV increases to 76 cents vs. 46 cents previously. Unrisked NAV = $1.86 with 290 mmbbl.
Notes need for more equity, given "tight balance sheet" with $5.7 net working capital.
Would not surprise me to see an offering in the not-too-distant future, with Scotia involvement, and the sun rising in the east tomorrow AM.
GLTA.