Armour Energy
Applying the CTP/STO transaction multiple to Armour Energy's acreage, On my numbers and future reserve estimations I derive a value of $337m given AJQ's acreage position (of ~31m acres) which is equivalent to $1.12 per share.
While I am not necessarily suggesting all the acreage will be productive, or prospective to a JV partner, the implied valuation suggests considerable upside from current levels.
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