bpt - conservative reporting , page-4

JT
also note COEs key reserves asset is PEL92. they only have 2 million in reserves so prod of 500k severely depletes.
one thing to note though, the speed in which reserves can be produced and moentised from Namur sands

so in the reserve NPV valuation models they use an NPV of 27-31 whereas COE sold 25% of theor reserve in a year at 115 and will do the same this year. Suggests a higher NPV once pipelines are flowing is warranted. i know of only one broker that places a 41 dollar value on CB producing reserves. whether they do or not the differnce between NPV value and elaity will be markedly different