Ya - love your work. To get a gauge of relative values, I...

Ya - love your work.

To get a gauge of relative values, I divided the mkt cap by the 2P reserves for all the co's.

Based on that, AWE seems the most expensive given its reserves. Woodside and Origin are next in line. Maybe this is because of the lower risk involved with the location of the reserves? Decreased complexity to drill? Can you fill me in on that Ya?

Santos is average value while OSH and BPT are good value based on the above ratio, particularly BPT. But thats obvious to see I suppose.

Also KAR's potential mkt cap based on the above analysis is anywhere from 5b to 15b depending on how much gas they find. But then again, I think (correct me if I am wrong) pure-play oil companies are given higher valuations than gas co's?

An interesting analysis would be one that includes the CSM co's (ESG, MEL, etc) and their reserves. They work on an energy basis (PJ) as far as I know so not sure how to convert.

Cheers