Value Microcaps Junior Energy

[farwest]

MMT- Q2

As usual, good analysis. Only change I'd make is to use higher line loss assumption. The grapevine says theft increased during the Q.

2P numbers should see nice bump on U10 results. I assume about ~3MM 2P increase net to MMT (roughly 15%/$100MM net increase in NPV).

While 3P offers nice upside, there is SIGNIFICANTLY more potential on the two step out targets (close to ~100MM gross 2P). That means reserves have potential of tripling. I think there is good to excellent chance of at least seeing 100% gain in NPV (with corresponding implications for production/cash flow/earnings/share price).

As such, focus on current numbers is somewhat myopic - the really interesting developments for MMT are coming in the next 12 months. As such, MMT remains far and away my biggest holding and will hold every share tight (and add more if the usual nitwits and nimrods do what they always do).