1p reserves double to 102 million barrels, page-42

This stock seems extremely overvalued at the current price of $1.33 and market cap of 537M.

assuming a PE of 15(very generous)
a NPAT ber barrel of $31

This company would need to produce around 3160 BOPD. Given they are only at around 800 this will require a lot of time and capital to achieve this result.

They certainly will have to raise more capital which will increase the number of 3160 even further just to get to a expensive pe of 15.

I dont see it as valid to just value the stock on the value of the oil in the ground. What counts is how much you can produce at what cost.

I can see this share price going nowhere over the next couple of years. It will have it's spikes up and retracements and if you are clever enough you may be able to trade it but if you hold it long tern i see no real future.