"And if you think a couple of permits are worth hundreds of...

"And if you think a couple of permits are worth hundreds of millions, then investing is not for you..."

Haha Shrewd Crude how would you define a correct valuation?

Quick finance lesson for you: the value of an investment is the present value of future cash flows ... that's in simple enough words I'd say.

The permits MEO holds and the revenue which "could" be generated from it are enormous, hence the high valuation. Not to mention that all shares in one way or another are priced to represent investor sentiment.