$2.04 price target, page-9

that's not the half of it and this of greater concern (as it will further fuel hot copperites' views that brokers have no idea!): their method of valuing the assets does not take into account time taken to bring wells onto production and/or . valuation method is: no. of acres/notional acre spacing x their derived NPV/well x "risk factor". thus they are essentially value a well drilled and put on production today the same as a well drilled in 10yrs time....