$0.60+ target price!From Auctus Advisors review after Q3 financial resukts release aerlier this week:
Current assets at the end of September stood at US$8.6 mm with current payables of US$4.8 mm (US$5.6 mm at the end of 2Q21), as the company has continued to improve its financial footings. Current payables could be reduced by up to a further ~US$3.0 mm. With the completion of the recent equity raise, the ~US$1.2 mm financial obligation associated with management phantom shares has been eliminated. Selling Ombu, which is imminent (the transaction terms have been agreed) would release at least a further US$1.1 mm. • With the activity programme being on track, the West Pepper well expected to be on stream in the next few weeks and a production target of ~3 mboe/d in 1Q23, we re-iterate our target price of £0.30 per share.
Rob