Now that we have some more info to go we can now summize a...

Now that we have some more info to go we can now summize a little more which many ounters on these threads wanted to do before they committed to ITC. Many argued that the current sp was underpinned just by the oil reserves. Lets look at it now.

Using 3p only which I appreciate is high side the following is now valid.

G 5.8 mill x 40% = 2 320 000 @ $30 per bo = 69600000 mil
S 1.5 mill x 40% = 600 000 @ $30 per bo = 18000000 mil

Total in ground value = 87.6 mil /800m shares = 10.95c

Now I appreciate we need to confirm this upside but even if we get just 70% of this upside based on oil reserves alone we are very undervalued.

Drilling G6 and G7 will continue to increase our overall 2p reserves and thats not far away.

One would have to think that ITC is coming to the party and will surprise to the upside eventually.