Well at 12c the enterprise value was $550k. Thinly traded, so only took a couple of punters to notice this and take positions (before the Paperback assays arrive) to move it a few cents. I don't think there will be a speeding ticket .. worth noting that a couple of their other projects are also potential company makers.

@secondtake88 from what I could see there are 27m shares on issue so at 12c was closer to $3.2m and now up to about $4m. I suppose either way it's a micro microcap worth less than a lot of houses. Still, fair points!

@tbra97 97, this is my reasoning:

1. there are 27m ordinary quoted shares on issue.
2. there are also 7.9m unquoted shares on issue
3. so a total of 34.9m shares on issue
4. I am ignoring the 575k quoted and 3m unquoted restricted options
5. At 12c the market cap is (0.12c x 34.9m) = market cap $4.188m
6. There is no debt and at at 30th June there was $3.807m at bank
7. Since June 30th I'm guessing that they have used about $200k - more than previous quarters but they had a rig on site for 10 weeks during the quarter
8. Enterprise value = (market cap + debt - cash) = $4.188m + $0 - $3.607 = $581,000