quarterly report any thoughts, page-11

I don't like using P/E ratios unless you have serious long life reserves, but if you do the maths on a NPV of the expected reserves of "north of 5 mil barrels" (Begg statement, earlier ranges quoted 3.5 - 10 mil recoverable) then you can quite easily get a conservative NPV of 60 - 70mil US for Ardo alone without even considering their cash balance, or exploration value, so no matter how you skin this cat its worth far more that its current sharepice even when you dilute it with the 30mil of options.