current reserves, page-2

Thanks for the post, few queries/comments

1. Growler - is this total 2P reserves as at March 08 - how much do we have left?
2. Tigercat started in Nov 08 - how much do we have left?
3. Snather wells - all three have Proved reserves of 720,000 barrels. I think you said it doesn't include Snatcher 3 though it does. Not sure what 2P reserves are though. Don't think ITC have disclosed estimates as yet?

Regarding my valuation model, whilst simplistic, it isn't a theory - this is used by the Investment Bankers in Oil & Gas when advising on takeovers etc. The valuation for 2P reserves needs to be between $20 and $30 a barrlel for ITC to be considered reasonable value. Your figure of $34 is incorrect as it isn't taking into account oil that has been produced, not 2P reserves in all cases.

I suspect here is the reason why insto's aren't in as yet -they cannot value ITC until its clear how much 2P reserves we have in total. Lets try to get a clear picture on this then we can see what ITC is worth and if its cheap and the market knows the reserves, we may find more support will result in the share price.