HZN 2.56% 19.0¢ horizon oil limited

For developed 2P producing reserves (10.65mmbbls @ Mar 31 2015)...

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    For developed 2P producing reserves (10.65mmbbls @ Mar 31 2015) I get :
    USD23/brl @ 9cps
    USD24/brl @ 10cps

    This is basically (market cap + net debt) divided by 2P producing reserves of 10.65mmbbls

    It ignores Stanley Undeveloped Reserves and the substantial PNG 2C Contingent Resources

    (Calcs done using FX AUD1.00 = USD0.77)

    Cheap.
 
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