2p reserves

Numbers from O+G Weekly... their favourite small oil stocks....I have just taken the 2p reserves and market cap to arrive at an attributed market cap per barrel of 2p reserves...

carnarvon = $36
New Zealand = $80
Pan Pacific = $49
Cue = $45
Cooper energy = $111
Incremental = $9.40
Salinas = $17
stuart = $31
average $47 per barrel of oil....

Most of these companys have good production but it can give an idea of where the shareprice may head to when production at greive is up and running...many of them have other projects on the go but Elk looks likely to have a pipeline of projects comparable to them.....

based on the above and assuming a 50/50 jv + sds, a market cap around $500mill ($8 a share)is the average price that would likely be attributed when production kicked in....

cheers