Interesting as always, Tommy!

Coincidentally I was researching Sintana Energy ($SEI) right before reading your post. They have small stakes in PEL 83 (Mopane) and PEL 90 (Kapana-1X) which you both mentioned. As well as PEL 87 (Saturn) and some others.

Have you ever looked at them? The stock has seen a recent drop on the Kapana miss. Although management still seems optimistic. Does that miss materially lower their chances in PEL 90?

Besides that PEL 83 alone could be worth more than their current market cap. 10B of barrels with 30% recovery rate and $2.5 per barrel would be ~$1.2 per share (current price is $0.72). Or do any of these numbers seem too optimistic?

I'm also not sure how long these thing usually take till monetization. Cash burn isn't too bad but opportunity cost could be a factor.

If you have any insights I'd love to hear it.

There was a write-up on VIC for more background: valueinvestorsclub.com/…

And their corporate presentation: sintanaenergy.com/wp-co…