The value of the company was simply yesterday's market value. I...

The value of the company was simply yesterday's market value. I did not use the PE ratio, rather the number of shares on issue multiplied by the share price.

I understand your point and as with any program, delays can happen. There is also the risk that not all forecasted oil recoveries will be met. However, as I outlined yesterday, I believe there to be close to zero probability of ITC not recovering at least 1M barrels of oil. If you take that as the worst case scenario then the question everyone should be asking is what value does 1M barrels add to ITC?

Remember, fundamentals don't have to change to drive share prices up or down steeply. In most circumstances its the expectations of investors that cause share price over and under-reactions. As a value investor, when expectations aren't met, this provides the most valuable buying opportunities provided nothing fundamentally has changed with the business. For example, ITC could be worth 80c if 15-20M barrels of oil are dscovered and can be recovered. However, if only 2M barrels are discovered is it fair to conclude that the company is only worth 2c? Of course it isn't, however, the fact that investors' expectations weren't met means that the share price wll over-react on the downside. In my world, what I'm saying is that this simply presents me with opportunities to profit longer-term.

Even if 100,000,000 new share were issued at 9c, 1M barrels of oil would still be worth around 2-2.5c to ITC.

Please do your own research and don't get caught up in hype!