Ann: Borba and Production Update, page-239

With SGC at 2.9 cent and XST at 0.5 cent the market caps are almost the same but the assets that they own are not .
Usually the Operator of the assets is expected to trade at a premium after taking into account joint venture percentages and assets and cash outside the joint venture .

Compare ADN / MEP or STX / WGO .

This is not the case with SGC and XST .
I am not sure what is the reason but it won't stay that way for ever.
Maybe the quarterlies will unravel it.