analysts suggest reserves may grow, page-11

Currently over 16 million barrels 2P plus gas is AZA's equity, and none of the water problems that AED had .

The BMG field initially had only 23 million barrels 2P, but that has been increased to the current 40 million barrels 2P .
Plenty more drills coming up across the field this year so it is very possible that reserves will grow again .

Sojitz Energy of Japan paid $123 million for 10% of BMG asset when oil was lower priced back in February, so if you can justify somehow that the current market cap including 40% stake in BMG but minus cash in bank and 11.6% of NXS is worth only half equivilent of what Sojitz paid then you are hard to please .

Sellers have set the price but not the real value .