Jim B,
Dont have any issue with what you are saying.
Are you aware of the US SEC 10K reports for Oil and gas companies. Samson Oil and Gas (SNS) is an example. The 10K includes a discounted value of proved reserves at a discount rate of 10%.
There was a move to introduce similar type reporting for resource companies as part of the International accounting standards about 10 years ago but never adopted.
In my opinion it would have provided insights into a company that is not presently available for Australian resource stocks. It also means that Australian companies focus on their quarterly production numbers rather than the long term value creation, as it is not reported.
Restate In-Ground Asset Value, page-7
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