Ann: RAI - 31 December 2012 Interim Financial Rep, page-37

re: Ann: RAI - 31 December 2012 Interim Finan... "I think that is a bit of an understatement.

1,600bopd is about ~$45M production revenue per year.

10c share price is a market cap of about ~$42M (including the second tranche to be issued to Albers).

Normal valuations of companies is my experience are 3-4 times of the annual revenue."

I would have thought a 10x PE ratio but they important part is earnings not revenue so I don't think you can just do 3-4x Revenue that is too arbitrary after all its profit we are after