Any sale less than the market cap was BEFORE they willfully destroy it would create a scandal and legal action, IMO.
After all of the hoops the supposed "strategic investor" has them jumping through I think it's reasonable to expect a healthy cash infusion to the balance sheet prior to drilling. If that happens, how do you place a value on the company? You don't because you can't.
ERHC was worth $90M before the dilution started and drilling was no where in sight. With a cash infusion and dilution off the table and drilling single digit weeks away... $200M as spudding occurs is plausible. Concurrent action on other properties and who
s knows?
It will be priced somewhere between optimism and greed. Pick your own numbers.
With Ntephe and Odobulu holding roughly 140M shares I think the surprise will be to the upside, I just can't decide 'to the upside" of WHAT?!?!
People maintain anonymity for a reason and it is rarely noble.
