Currently over 16 million barrels 2P plus gas is AZA's equity,...

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 .