RE:RE:Worth $2+My view on VLE value (estimates only) from public data:
- CDN cash today of ~ $38MM
- If they sell the legacy producing assets and close in Q1 2021 according to their plan, add $19MM CDN after closing costs.
- They need to close this sale, as they say.
- Total cash post-closing could be ~ $57MM CDN, assuming no other CAPEX being spent.
- Share value based on cash only $57MM/86.6MM shares (Basic) is $0.66 CDN per share
They are trying to prove-up/evaluate/farmout their large tight gas (resource) play in Turkey (where natgas goes for ~ $6 USD mcfe) which will require a technically competent partner with deep CAPEX pockets. If they get the partner, the potential "announcement" value alone could be large. Reserve value for the project, if the gas is proven productive at economic rates is huge. It appears the gas market is real. If this highly-experienced Team could convince a prospective partner to commit to fund a multi-well program to evaluate this play - game on.
Upside is large and downside is likely cash value (assuming they close the sale) which is $0.63 CDN (16% below current market). Also, do like the fact that certain insiders bought recently at $0.49 CDN. I do own shares and recently bought them for the above reasons, and expect (not hope) that this Team will succeed.
JMO