"I think oil being more profitable than gas is debatable and...

"I think oil being more profitable than gas is debatable and prices being low"
I fail to see how its debatable that oil is more profitable than gas!
Beach currently make a gross margin of around $100 per Boe on oil and $36 per Boe on Gas so the difference is substantial.

"What are the odds that the new BPT CEO do nothing in next 5 years?"
Pretty stupid comment, where did I say that.

"You need to leave room in your analyses for the company's ability to improve its position"
I have as I clearly did say they need to spend money to find new reserves which of course means they will find new reserves over the next 5 years but it depends on how much that will cost and what the success rate will be.
Companies are valued on facts and not hope, when they do hopefully find some new reserves the brokers will adjust their target prices accordingly.

"BTW for what it's worth "expensive" is a relative term that can be quite hard to define."
Another pretty stupid comment.

I agree the new CEO should have an impact and hopefully things will improve but for now I'm basing my valuation on fact rather than hope.
If the share price does suddenly jump above $2.00 with no new substantial news the shorts will have a field day and short the stock as currently there are only 0.74% outstanding shorts and they will see it as a big opportunity and that will keep the share price from heading towards your $3.00 target.

The last time BPT hit $3.00 was back in 1987 when there were a lot fewer shares on issue so hence the market cap was much smaller. It did get close to $3.00 back in 2020 but the share price very quickly got thumped when the reserves got downgraded.