something for the number crunchers, page-2

excelsior...

Nice pick up...one that had escaped me.

It does appear a similar comparison, although even here, in spite of the fact Bowleven appears to have less net oil reserves than CVI, as you say they are carrying a much higher market cap.

From their web site...

"Estimated P50 risked recoverable Reserves and Contingent Resources of discoveries and prospects in the Isongo and Biafra Sands in the northern Block MLHP-7 of the Etinde Permit are 530 bcf of gas and 20.7 mmbbls of condensate, equivalent to 109 mmboe; of which 85.1 mmboe are classed as P90 reserves."

The equivalent P90 number for CVI's North Matanda is near 900mmbls and 4tcf of gas, when "recoverable Reserves and Contingent Resources of discoveries and prospects" are taken into account.

This equates some 180mmbls oil and some 800bcf gas net to CVI by comparison...or some 313mmboe.

On this basis, CVI's market cap should be close to 9 times that of Bowleven...not just 3!

It needs to be remembered...the Cameroon PH-72 Matanda block also contains numerous other discoveries and prospects in addition to Matanda North such as...

Wouri
Pungo
Misselelle
Doula South
Matanda West
Souellaba North
Bissoko South
Moidolo West
Bomono South

I guess the big question mark remaining for the market perhaps is what the feasibilty study for Cameroon may actually come back with for reserves calculations at North Matanda and ultimately, NPV numbers?

Clearly they will want to keep initial calculations conservative given they will need to front up with stock to make the acquisition...but at the same time, the higher the NPV, the greater the carrying value and potential market cap of CVI in the process.

Time will tell here.

In the meantime, we have Catabola which, with a single successful drill result, could well support the current market cap in it's own right!

You are 100% right...the market can at times be aomewhat inifficient.

lol

Cheers!