Cupnoodle...
"It's probably not correct to say that the SP should be at a certain level depending on how many barrels GGP can pull out of the ground."
I would disagree...
Its probably "correct" to say that a SP should be at a certain level depending on the earnings and net assets, which when talking about BOPD is very relevant. Where the SP is relative to E & A is an indicator of whether its valued or overvalued.