valuation if Beach veraus Oil Search

Just wanted to run logic past you all. Have just done a simple valuation based on marketcap versus peer (oil search) based on production and reserves. Beach has a little over half (with lattice) acquisition, for both production and reserves. If you assume this, and simply take market cap, the share price would by deduction be say around $3. If you then subtract the debt from this, it would imply a position closer to $2.50. Im no inancial guru but based on pure peer conpare, this shows me that Beach is still very much undervaled and the only thing really dragging it down is this debt position which wont be there for long after 2 years of solid production and oil prices. Just my view but this means selling at anything under $2 is crazy