Yeah, IERs are often not worth the paper they are printed on. The IEs often have no real idea about the prospect and the report is needed in a hurry so they have to rely on what they are given by the company. It's inevitable that the supposed "independent" report reflects the bias of whoever commissions it.
For the record, I think CTP's IER in the recent SoA was one of the more reasonable ones I have seen - it just didn't properly capture the exploration upside. As evidenced by the fact that when the SoA was voted down, all these horizontal wells suddenly popped out of the woodwork to prove up large reserves upgrades.
Add to My Watchlist
What is My Watchlist?
