what is the royalty regime in thailand

For fundamental analysis of CVN, you need to work out a rough value of its oil in the ground so you can apply it to its reserves.

For example, NZ based oil at Tui is worth:

(Price of Oil - running costs) x (1-royalty rate) x (1 - company tax rate)

ie (120-10) x (1-0.2) x (1-.3) = US$61 nominal value per barrel before deducting value for NPV. probably a fair NPV of oil in ground at Tui is US$50.

Can the combined knowledge on this string come up with this? I can help you guys with some fundamental analysis on this one if you want it.

Don't bag me for comparing CVN to PPP. I am just trying to get a grip on CVN value by showing you how it works for PPP. ie my own grip on the value, not some commission fed broker's value who did an analysis without ever leaving the office.