From a comparable company valuation, a similar company with most...

From a comparable company valuation, a similar company with most of its assets in the Cooper Basin would be Beach Petroleum.

If you look at their production plan, you can see they have over 150 wells, all going at it, with flow rates not too dissimilar to what was announced for INP.

From Page 14 of Beach's Financial Results presentation, their Proved+Contingent reserves are around 260 million boe.

From an EV/Contingent Reserves valuation we have a valuation of about $5.94 EV / Contingent IP boe.

So $5.94 x 120m

So doing a rough valuation on INP, we could be looking at about $712m EV for INP.

On this valuation alone with 160 million shares on issue, its looking at around $4.40-4.50 a share.

This company won't be around for long

=)

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