analysts suggest reserves may grow, page-6

PE quoted as 3.3 at the moment .

Market cap $430 million

Cash in bank $66 million

Value of NXS stake $106 million (11.6%)

3200 bopd extra (AZA equity in the new sidetrack) @ $100 per barrel = $320,000 additional per day, or $28.8 million extra per quarter, or $115 million extra per year .

The new sidetrack production in addition to the existing flows will put AZA on a prospective PE of near to 1.5 .

IMO, the two Japanese companies wth stakes in the BMG projects could be potential players now .

Take out cash and NXS equity and the underlying market cap is only $258 million .
10% of BMG was recently sold for $123 million by BPT so
AZA shareprice atm currently reflects only 20% of BMG project .

Super value . I'm in .