Opt,As you say rightly say, valuing an exploration company is a...

Opt,

As you say rightly say, valuing an exploration company is a very subjective thing. I'm not sure I'd even try and apply such science to it but then again, I'm a mug punter.

So with that and a cup full of optimism in hand, I look at things like the following:
NDO attracted $40m of smart people's money at 50 cents a share earlier this year.

At the time, Southern Cross Equities and others saw the value of the NDO acreage at between $2.20 and $5.50 (or there abouts). When pushed for a best case scenario the analyst was stating a SP that I dare not repeat on here on account of the ribbing I'll cop.

It's worth reading SCEQ's analysis of KIK's share of SC54, which they give a potential value of $2 per KIK FPO (1200% up on this week's av.). Get the report from KIK's website.

http://www.kairikienergy.com/system/application/assets/documents/SCE__Emerging_Oil_Junior_16_September_20081.pdf

Good luck.