last but not least, page-7

moneychaser

EV is a good indicator ia agree but what you will find is when a compnay has a low EV due to a low forward reveneue and prodiction profile then itis unlikely to attract a TO bid as nobody is going to pay a 50% premium to cash.

lets say reserves are 1.8 million ( exclude indo reserves whcuh are break even and thus worthless imo ) lets say somebody ants those reserves even f they paid 45 dolars per barrel instrad of 30 then thats is only about a 25m premkium to currnt market cap

dont get me wrong, i think its a god inv at present for the free hit offhsore but i also think if it fails its growth prospects are limited and its SP will suffer