rbs analyst price target $1.23

"This year MAD has achieved many milestones. MAD has increased its production, reserves, and acreage position and has become profitable. Post the A$18m placement, MAD has the capital to add rigs to the fleet, accelerate development, and increase its acreage. Upcoming newsflow includes reserves upgrades in Blue Ridge Dome, initial reserves assessment on Boling Dome and Nash Dome, and results of seismic analysis of deeper plays on the acreage. Based on our forecasts of the forward plans from the money raised, we increase our target price to A$1.23."

On Boling and Nash......
"Maverick holds ~4500 net acres on Boling Dome which is located about 50 miles southwest of Houston. Maverick holds ~2740 net acres in Nash Dome. Maverick is targeting initial reserves on these leases in May 2012. Wells have been drilled in other areas of the dome which have good production, which indicate that Maverick will have strong results from these leases. Maverick was the contract driller on wells drilled in these domes, so we believe the group has a reasonably solid idea of the potential of the acreage. We are awaiting flow rates from the appraisal wells drilled into Boling Dome; however, we know that a well has flowed to surface at commercial rates. We also
know that a well in Nash Dome flowed at 60-90 bopd during an initial test.
Given the proximity data and the well successes, as well as MAD’s forward appraisal program, we feel comfortable derisking these domes slightly. We see multiple opportunities for upside from this acreage. There are more drill sites identified in this area and the maximum allowable flow rate is higher than in Blue Ridge Dome which presents MAD the opportunity to shift more rigs to these
licenses, increasing near-term production at a faster rate. We attribute $0.15ps to these domes."

Anyone care to speculate on the valuation of Boling and Nash once reserves are certified?