TSXV:CVI.P - Post by User
Post by
CalifDreamingon Jul 05, 2012 6:49pm
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Post# 20086565
Not a chance this will succeed
Not a chance this will succeed This offer is a joke. With Ras Nowmah development wells starting up, they can add ~5000 bopd by year end. 2P NPV10 after tax is $ 395MM. Add in ~$ 90MM in cash and NAV is about $ 485MM. But with production about to nearly double in H2, cash balances will easily top $ 100MM. NAV is effectively $ 500MM, or $ 5.50 share.
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No way in H should ANYONE accept a pathetic offer of $ 2.30. At $ 3.30, I might think about selling for an all cash deal. But I'd rather let CVI go buy producing assets with that $ 100MM and grab somebody else's assets at $ 0.40 on the dollar