RE: RE: RE: RE: What is going Link btw Condor and TMY?? Try Kazakhstan. Try inability to get to self-funding status. Try inability to sell at world prices. Try steady erosion in share price as more money is pizzed down a rathole.
Why are they buying a rail terminal if pipelines crisscross their property? Oh, that's right. They don't have an export license and are selling into local market at 1/4 of world prices ($33.61 bbl). And won't have an export license for years if the past is any guide.
Did you notice reserves? Didn't even get proved reserves. Just ~14MM OOIP probable resources (not even reserves since no production license). Assume 25% recoveries and for the $260MM they've raised, they have ~3.5MM bbls potentially recoverable. Deduct the ~$50MM cash that remains, and they have $57 bbl F&D cost, which is beyond horrific considering they only get $33.61 bbl sales prices.
Absent a big discovery, by year end, share price will be half (or less) of where it is right now. In Kaz, those ~3.5MM bbls reserves are worth ~$10 bbl for 2P NPV15. So you have a play with $35MM NAV trading with MC of $155MM/$100MM EV. That's ridiculously over valued in this market.
I continue to be impressed that these jokers managed to flog the IPO at $1.40. Kudos to them to find so many nimrods willing to pay mindboggling premium to invest in a horrific place like Kazakhstan