re: very strong close Davo
CVI's 24M barrels vs ELK's 23M barrels are valued differently.
CVI's Reserves are based on 1P whereas ELK's will probably be 2P.
Therefore CVI has a 90% chance of being correct, whereas ELK has a 50% chance of being correct.
Further, once ELK introduces a JV partner, and they farm out 50%, then they will no longer have 23M barrels.
I hope you now understand why I favour CVI over ELK.
re: very strong close, page-22
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