Wentworth Resources is on the brink of first gas delivery in 3Q15 and has now raised US$7.6 mm in a private placement, which provides the Company with sufficient working capital beyond its projected receipt of first cash flow in 4Q15. Despite the dilution from the raise causing a reduction in our target price to £0.60, in line with our new RENAV, this is still almost double the current share price with a 2016 EV/DACF multiple of 1.8x. The new government pipeline is also now complete leading to o ....
