Great post thanks.
Probably the most thorough research note (25 pages) I have seen, and covers all the points realists on HC have been highlighting for some time..imo.
I suggest all holders read this, and pay particular attention to the comments on page 6, where the FAR SP (relative to CNE) is addressed, and the 'paradox' of the 20c+ valuations dissected.
Further, 'implied IRRs' on page 14 offer another well researched 'dose of reality'..imo.
More info provided on the challenges of the 400 series, and why any reserve increases do not necessarily add proportional value to the development (Page 13)
Anyone reading this objectively will understand why the current SP is 7.7c...imo
Happy reading
DYOR
Edison Article on Cairn Energy, page-3
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