Analyst update 18 Feb, page-7

actually its very simple what assumptions market is using  its not even assumptions

Its not that there forecasting no growth its just they not going to get ahead of themselves - based on current ebitda sp is not that far out so basically we being priced at trailing PE rather then PEG or forward PE - whatever the equivalents that you use/want to use etc.

Why would market do this rather then at least meeting 1/2 way ie 70-80c given  they are running at around 14,000boepd  - well many reasonable answers to this given track record of company / management and downside mrkt risks as noted previously.

One just has to be patient but its better to be 40c now then still at 40c one yer down the road when sea actually has an eibtda around 200 - then u in trouble