tapis 128.86, page-23

It has huge capacity to go far beyond $2 - but there is of course risk - a target price is risk-weighted and takes into account that things don't always turn out like they should.

This could remain around $1.20- $1.50 if flow rates disappoint, or could go far beyond $5 if reserve upgrades to an expected around 300-400 MBOIP with 30% recovery come through - that would put the value at closer to $3Billion based on prices from late last year (about $80/barrel giving a value of $30/barrel reserve to allow for NPV depreciation over production life) and if prices are sustained around $130/barrel or more (current 5-year price estimate) then you double the margin and this COULD be worth $6 billion - that would be $30 per share.

Those are absolute best-case results so do not expect all the planets to line up - but a price target (once in full production in a few years) of $5-$10 is quite possible and I would think a value of $4 per share is compatible with the comsec valuation given their valuation assumed a very conservative and much lower long-term oil price than the experts have predicted.

All the best to those riding this to $5 with me.