Miningnut,
We all knew the valuation would come out well above the current market price, as it would for most oilers today. However given a return to a healthy market, and a little more progress and market understanding of IPM's projects and I really do believe that would become a reasonable range.
To get 339 on say a PE of 10 (not in this market) would require an EPS around 42 cents. We are probably looking north of 22 cps this year, with strong EPS growth likely in 09, and more to follow. So 339 not out of the picture as a 12 month target imho.
Hell, I'd happily take $2 ps cold hard cash right now, but not 50 cents plus script in an unweildy unfocussed company run by those lacking the hands on experience and expertise.
Thought the document was pretty good, but still to get through the detail.
EL
IPM
incremental petroleum limited
trading halt, page-7
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