what is 11.4 million barrels of 2p oil worth

Dudes, you may find this of interest. it is from the CVN announcement today. CVN confirmed that it had increased its 2P reserves by 300% to 11.4m barrels of 2P oil.

As many of you are waiting for the RS report to give the level of 2P reserves.

Based on the uni of wyoming report EORI, ELK has some 23m barrels.

So ELK has nearly twice the level. albeit still in 3P status.

A defacto measure of how valuable this 11.4m barrels is the value of the capitlaised value of the company CVN. You can all check this and it is around $330m, bit highr today after the announcement.

All things being equal then ELK should technically be valued at close to double this. But as we know not all things are equal and technical stuff doesnt apply.

However, ELK at roughly $42m or some 1/8 of CVN with potentially twice the reserves of 2P, if RS confirms, seems a bargin.

Of course, the value needs to be discounted to refelct other factors but a capitilisation value of inexcess $300m on confirmation of the 2P reserves and th eCO2 agreement would be considered an appropriate target to achieve

8 times 70c is some $5.60

Please discuss and contradict as you please