Serica Energy (SQZZF) provides some interesting black swan optionality.
Mkt Cap = $53MM
EV = $29MM
2P PV10 = $100 million
The 2P PV10 value is for non-producing assets in the North Sea.
Giant Cretaceous Oil Prospects offshore Namibia are 'free'.
Prospect B is mapped on 3D seismic and high-graded for drilling
C.O.S. = 16%
P90 resources = 138 mmbbls
P50 resources = 662 mmbbls
P10 resources = 2810 mmbbls
85% working interest (undoubtedly will be farmed down)
This looks like dead money for a while, but I will definitely keep tabs on this stock.
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