fudge factors

Have people seen the latest RBS Morgans research on the MAD website?

As per usual a buy (yet to see a sell from one of these brokers) though the price target continues to drop.

Very interesting to see they are applying a 35% decrease to the 1P reserves - odd to apply such a discount to something you should be 90% confident in having been independently certified(??)!

Also interesting to see that RBS Morgans with their "hotline to management" are guessing at the net production just like me and everyone else on Hot Copper .....

Seems that all the others have given up on research, maybe that is their equivalent of a sell??