ronstieb el or anyone else , page-7

Thanks guys

I will have a read of some more past material. I would say however that in my view reserves do matter as the potential upside to the stock seems to be a potential significant upgrading in reserves.
On current reserves and cash it seems to be reasonably priced, neither cheap or expensive.

With the market attributing $34 per barrel based on market cap(some other posters figures - haven't checked) I would say one would need to see at least an 50% increase in reserves to say at current levels its cheap.

As EL and Ronstieb know we all held a profitable producing oil stock that for months the market placed a negative value on not only for 1.2 million Cooper basin Tapis reserves but also their cash.

Not saying its not a buy but I like to know the validity of the field size appraisal work and the likely reserve upgrade. one thing going for ITC is it does seem fields in the Cooper basin tend to grow in size significantly with further appraisal work, this has been the case for BPT/COE/STU over the years so one can be partly confident this will happen with Snatcher.

I will read in silence for now and come back when I feel I have something worthwhile to contribute