SAV LSE CRAIC, page-19

It seems like it would be close to a genuinely honest valuation imo and i note that even lunamaya hasnt bothered to reincarnate herself again to try and discredit it.

But will the market acknowledge this fact? Hard to say. For mine, i would be happy for the market to even meet it half way for now. Then we would still be cheap enough that if any leftfield developments occur in Saudi or with new tenements, it would still be in the bargain bins for an easy buy.

One thing is for sure, as evident from the makeup and strength of the T20, this will soon be so tightly held that any leftfield upside will eventually lead to a holmes event that will actually and finally live up to its name. The market has already forgotten that Al Hadeetha paid 3c for a 5% stake in this, and they know better than anybody else what the project is actually worth. If they only wanted their 30% share of ROI then i'd be saying ok, maybe it wont generate alot of revenue, or maybe the music stops with this project.
But asking for a 5% stake at premium (at the time) is a candid admission that something much bigger is brewing.

The market may not agree but the market is more likely to change it's mind after the fact.
And an impulse reaction by the market usually tends towards short term overvaluation.