Regarding in ground value, there's a dog stock, GOA, that has nearly 1m oz of gold in the ground in PNG. Problem for them is that's currently not economical to get it out. Market cap less than $20m.
With MAD, they can get their oil out economically but they can't get it out fast enough. At the current rate it'll take something like 400 years to get 1P out of the ground. MAD's MC is near $500m. Seems high.
thank you, page-24
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