Here are some numbers to ponder with regards to this discovery in British Columbia.
Veteran Resources current market cap $25,500,000 (17million shares x $1.50). Veteran Resources market cap up $17million since this discovery in B.C.They have also announced a 1 million share private placement at $1.
With a 55% interest the market is implying a value of $30,850,000 to this discovery,with the assumption current run up in valuation based on potential of B.C.property only.
Cigar Oil and Gas with a market cap of $7,800,000 (13million shares x .60),with a 15% interest have seen their market cap rise by only $3,250,000.Not on par with Veteran Resources.
Both Veteran Resources and Cigar Oil & Gas produce about 100 boe each.
Tusk market cap has risen $1 million thus far with a 20% interest in this discovery.Once the overhang from recent financing is cleared and hopefully closes by weeks end Tusk market cap should increase by at least $5 million to reflect this discovery on par with Veteran Resources.At least in theory.But the market never works logically and Tusk shares may continue to underperform.
Best Regards,
Richard |
