Musing about how far this will go.
Price action still bullish.
A 10 year chart shows that it was around $1.00 per share 10 years ago....
A 5 year chart (bottom of post) shows it kicking around 5 cent from mid 2017 to mid 2019.
As we know, past performance is no indication of future performance and the historical action really is "by the by", generally speaking.
Current action is what counts and we are either seeing a "sophisticated" pump, or a market repricing of share price, or both.
The share price at close today is somewhat indicative of exact true value when considering immediately known future earnings potential using the below musings;
They have stated they are aiming for 4500 barrels per day (bopd) of production by the calender years end.
Using 4500 bopd x $70 oil price (conservative), that reprsents income of ~$315,000 per day,
or ~ $115 million annualised.
A recent cap raise around
$33 ? million is probably worth investigating on its own.
Market capitalisation at EOD today is ~$113 million.
Food for thought in current world climate of recovery, poo and supply demand scenarios.
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