rbs morgans commentary for mad, page-10

"MAD's production will do the talking; with FY12F PE below 3x, we reiterate Buy Although it has the fifth largest 2P oil reserves on the ASX, we believe the market will judge
MAD on its commercialisation of these reserves ? production and revenue. Recent market activity reinforces our view of the latent value of the company's assets. Our valuation of 2P reserves is A$0.94/share. We still believe it will take some time for the market to recognise the substantial potential of the company's asset base, so our 12-month target price remains based on MAD?s 1P reserves ? A$0.36/share. We are further encouraged by production
rates achieved to date. Buy"

Looks very promising to me.