could be something going on here , page-8

You guys probably know more about oilers than me but this is a summary of what I like about IPM:

When you compare IPM's current $Market Cap/2P reserves against other oilers (some of which aren't even producing), IPM is one of the cheapest at A$8.65/2P barrel

When you compare IPM's current $Market Cap/$Revenue against other oilers (some of which have very few reserves), IPM is one of the cheapest.

IPM is the only oiler with a market cap of less than $150m thats pays a dividend that I know of.

At current production, IPM is on a PE of around 6-7 with 22 years of 2P reserves at current production rates

2P reserves are currently 12m barrels. However there is an estimated 500m barrels of oil in place with 82m barrels produced to date. Apparently fields of this type can be expected to be around 25% recoverable which indicates another 43m barrels could be produced during its life.

IPM has no debt.

IPM has $10m cash.

All drilling of the field is fully funded by operating cash flow with some still left over for dividends.

The downside is its currently a single asset company and that asset is in Turkey. On the plus side, the PKK have recently declared a ceasefire