Fair points A199
EV USD24/brl for producing 2P reserves is not overly cheap when looked at in isolation.
However, when you consider it doesnt include HZN's 3.5mmbbls of undeveloped 2P reserves at Stanley PDL10, and 13.8mmbbls plus 387bcf of 2C Contingent Resources at Stanley, Ketu, and Elevala, then the equation looks a bit better.
Gets back to how does HZN unlock the value of those PNG assets, and some sort of corporate action required which we seem to agree on.
Enterprise Value/brl 2P reserves, page-9
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