Working capital 16 million and market cap only 25 million! Unbeleivable cheap!
So value by current extreem low market of only 9 million for 14 million acres, while Statoil pays up to 210 million to get 65% of that. And in America they pay for these shale plays billions for only 0.5 million acres!
The sellers must be very desperate for some money, or somebody is manipulating the stock down to get the stock for low prices. Shorters covering(buying back) 1 million shares when the stock went down points to that.
Would be great for pfc when Statoil in a few weeks/months suddenly decides to go for phase 2 to speed this project up and pay Petro the 25 million for this first phase. No need for financing then.