Where do you get that 2P reserve figure? According to the ESG website, they had as of June 2009 602 PJ of certified 2P reserves, of which 65% or 337 PJ belongs to ESG. Dividing 337 PJ by 5.7 gives 59 mmboe for ESG. That gives a market cap of $1.45 billion for ESG, assuming $24.5 per boe, which is $1.65/share. Now, it is likely that ESG will certify a lot more reserves in the next few years, but these are the calculations based on current figures.
ESG Price at posting:
$1.02 Sentiment: LT Buy Disclosure: Not Held
