Once Passport releases its PEA, it's Holbrook, Arizona project will be as advanced as Prospect Global's. Some argue that Passport is more advanced in certain respects and that Passport's PEA will have more detail than Prospect's. In any event, Passport simply won't remain trading at a valuation that's 1/4 to 1/5 that of Prospect Global's fully diluted Enterprise Value.
Based on conversations that I've had about Prospect Global, its stock is likely to go higher as well. Bottom line, if Prospect Global rebounds to $2 per share, I can see Passport hitting 60 cents per share this year. I recognize how aggressive that sounds, but now that Apollo Group has validated the attractiveness of the basin, Passport is the only way for strategic and financial players to get a piece of the action.