https://www.nzx.com/announcements/365291
Casing and cementing took a whole week, we are 18 metres deeper than last week.
Now we push through with the 12 1/4 bit to the Target Depth...
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https://www.nzx.com/announcements/365291
Casing and cementing took a whole week, we are 18 metres deeper than last week.
Now we push through with the 12 1/4 bit to the Target Depth...
Yes it is really bizarre that the SP is sitting where it is when we are so close to the Target Depth. I would have expected it to be in the mid eighties at an absolute minimum.
I shared some thoughts on HotCopper recently that I will reproduce here...
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I was doing some more number crunching yesterday...so check this lunacy out.
Cash sitting in the bank attributable to NZO holders =NZ$50M. That is AFTER taking into account the ~NZ$20M held in escrow for our portion of the Ironbark drill. And the company has ZERO debt.
CUE market Cap = AU$122M. That is NZ$130M. NZO share of that is NZ$65M.
Now this is where is gets super crazy...
NZO market cap is only NZ$115M.
If we subtract the cash held in the bank and our share of CUE, you get $115M - $50M - $65M = $0!!
So Mr Market is effectively saying that our 4% share of Kupe and our 15% directly held equity stake in Ironbark is worth a grand total of zilch.
No one is arguing your math or position its shares on the market to buy or sell plain and simple. Put 500k @ .80 and see what happens.
Have you looked at the buy/sell at all?
Because the sheep have not the guidance of a 'broker' report, or a big insto buy in.
PEB was like a rudderless ship, until ANZ put in their $25M endorsement, and then coverage by 2 brokers, & Bloomberg article.
Perhaps if you posted under MR Tea Mighty Investment Trust, it would make a difference.
However it does mean that the little boys & girls can load up on cheap shares, till such shares make it to the radar of the big boys.
In the event of Ironbark success, It will be the big money that takes the SP to 11X what it is now, not us minnows who dive on the tasty morsels when we can.
I'm glad they have just done a pressure test on the Blowout preventer.
I reckon that is going to get a severe test in the coming weeks...