if spud is successful, page-11

re multiples of current SP, remember this article from May (refer last line - yes thats 33cents per share)- if only......

Peter Strachan- http://www.stockanalysis.com.au/samples/sample1.pdf

"Interestingly, XState Resources (XST), which has a 10% interest at Sidi Daher relies on estimates made in its independent technical expert?s report at the time of its prospectus issue. XState estimates target mean reserves at Sidi Daher of 310 mmbbls of oil plus 42 Bcf of gas. This is in sharp contrast to estimates used by ADX Energy which work on a prospect of 175 Bcf of gas plus 44 mmbbls
of oil at depth, in the case that oil is found. Clearly XState?s expert was much more bullish on the prospect, with a 30% POS! Time will tell as the rotary lie
detector goes into action in February, but success at anything close to XState?s resource target would be worth over $4 per share for both XST and ADX while Verus would see a 33 cent lift".