My Math tells me the following story. For every one million...

My Math tells me the following story. For every one million barrels of oil ITC find it creates revenue of 1,000,000 x $50 = $50,000,000. I use $50 to be even more conservative. However, ITC shares only 40% of the JV. Therefore, revenues to ITC equate to $20,000,000. Add this to the current market valuation of the company takes it to $55,271,593 (based on the most recent price of 8.5c). Dividing this amount by the total shares on offer of 414,959,921 gives you a share price of 13.3c. Now if the drilling program produces results close to their risk-adjusted oil dicovery forecasts of 17 million, what does this mean for the share price of ITC? Put another way, in my opinion, the probability of not finding at least one million barrels of oil out of all of the explorations coming up is close to zero. So at these levels, I'd say it's cheap. However, if some results are not what investors expect/hope for than the share price could suffer. In this is to eventuate, I would simply increase my current holdings.