Answer : Very much dependent on movement of crude oil

Strong correlation with Brent (USD), with r-squared of approx. 91%

Armada Regression.png

Current share price of ARMADA ($0.76) is below the expected forecast price of $1.26 (based on current BRENT price of USD66.44)

Armada  Actual vs Forecast.png

Current share price of ARMADA ($0.76) is also below 95%-lower band of $0.83 (based on current BRENT of $66.40)

Strictly for illustrative purpose only

Sensisivity.png

 

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