Don't know how many of you have read Pattersons Oil and Gas Review - November 09, but their valuation summary (pg 45) of NDO's share of Galoc ALONE is AUD$148 million, which equates to 14c per share.
The valuation is based on NDO's share of 2P (P50) reserves, and NDO was trading at 13c at the time the report was compiled.
If you extrapolate this valuation to OEL's 2P Galoc share, the Galoc value ALONE to OEL is 11.35c per share.
On a like for like basis, this places OEL in a very undervalued position re sp.
If you want to browse the report, find it at this link courtesy of Pleb.
http://www.horizonoil.com.au/investor-centre/documents/PatersonsOilandGasReviewNov.pdf
value of galoc to oel
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