"CommSec is expecting a 2P Reserves estimate of 35 - 40Mbbls by about March 2009."
SAE has 2P of around 5 million barrels, produces around 1000 bopd heavy crude and a market cap of 76 million . SAE is considered very cheap .
If INP proves 2P of 35-40 million barrels and will produce 1000 bopd light sweet crude, surely a market of 7-8 times SAE's is not out of question . Currently its market cap is less than double SAE's, and INP has more cash on hand .
Screwy market .
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- commsec still recommending as buy outperform
commsec still recommending as buy outperform, page-2
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