RE:.80/1.60/2.00 or .30All of this just my speculation but ..
Agreed, with the 0.30 - 0.60 bump on the closing of the sale of assets.
But now there is a bunch of free cash and with leverage we could manage a $150MM acquisition. It is painful to wait, but the acquisition needs to be a company maker. Not just production, but with upside like they had with Verenex.
Once this is in the bag and with some early success in exploitation of the acquired assets they are in a much stronger position to join a partner in the drilling of the deep DRY overpressured gas and at a guess, trading in the $5.00/share range. Unlike before, they will now have a stable and growing producing asset base in hand.
Now would be the time to raise a bit more dough (Why do you think Baily Gifford are still there).
The problem with the tested zones in the Therace were not water but rather liquid rich gas that impeded flow. It is expected that the deep deep gas in the center of the basin will be under much greater pressure and dry and so will flow at big and sutainable rates with more typical deep basin declines or better.
And so, my anticipation of the bump with the acquition will be to $US3.00 and then with drilling success up from there ... maybe $US5.00 - $US6.00 in the near term?
Now remember, the blue sky projections for the deep gas were bizzare .. upwards of $80.00/share .. It seemed insane, but that's just how big this thing is and so there is room for a lot more upside if a solid acquisition is done.
Ok, so draw a circle around the now deep deep dry gas play and if there is a successful test move that up into Probable Tier 1 resource with Tier 2 and Tier 3 surrounding. What is the value of that asset once it flows gas at sustainable rates? An additional $US10.00/share? $US20.00/share or more? This would be on top of the value of the now partially exploited acquisition.
It has been a wait, and may be still for a while, but when she goes, I think she's going to go BIG!!!
All just in my humble opinion of course.
Cheers!