Read a report called "Diggers and Dealers" that is sounding the troops toward SEA (sundance energy) because their "3P" reserves are "only" currently valued at around $3.80 per barrel and should be more like $14 or $15 (according to the report). (SEA have 6.2 mmboe of 1 P and 26.2 mmboe of "3P" according to their corporate presentation).
Starts to put MAD's potential in perspective when we have such good "1P" and "2P" reserves that by market comparisons are undervalued. Top that off with owning drills and the very real possibility of reserve upgrades, and you can start to understand the strong run.
As RBS report mentions, getting the production up this year is important though.
Ps - I don't own any SEA and not saying they are exactly like for like compared to MAD's story, just have some similarities and thought some might be interested as a bit of a comparison.
Read a report called "Diggers and Dealers" that is sounding the...
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