pe ratio of 2.6 with rising production, page-16

The hedging requirement from the banks is quite significant. The fact that only 20 to 30% of production is required to be hedged indicates that the banks are comfortable that earnings prospects are good enough even when leaving a significant portion of production unhedged. PE ratio seems to be more in the order of 5 or 6 at the moment (Assuming NPAT of $10 to $15 mil), still a significant discount to its peers