Research Report: Calima Energy (ASX:CE1), page-9

2022 Price to cash flow is supposedly 1.5x, but its free cash flow for the year is only $7m, on a market cap of $58m... so isn't it around 8x, not 1.5x then?

Only a clown would use "EBITDAX" for the P/CF metric here. There's about $30m of E&D costs per year, and that's to grow production by about 5% compounded for the next 4 years............