At 5.7cps MC $45mil, I think ITC is carrying a premium for...

At 5.7cps MC $45mil, I think ITC is carrying a premium for expected exploration success
ITC need around 1.5mmbls 2P net reserves to justify

No mention of Mirage/Ventura in preso however oil prices are currently more favorable to keep that field limping along.
Must be a very low NPV/brl for that field

Plan for more drilling based on 3D sounds promising after the Snatcher success.

Production/revenue projections sound good.

Reserves to be advised.
This is where I think ITC sp has run ahead of its underlying value

Growler 1.8mmbls gross, 350Kbo produced so far leaves ~1.5mmbls. Net to ITC 600kbo

Snatcher/Tigercat adds another ?