Ann: Quarterly Activities Report, page-8

JO20.A while back Euroz came out with a "valuation" of  20-22c. This was when they instituted coverage of HZN.

They also came out with a "core" valuation of

  the physical/tangibleassets of Beibu and Maari-they are not the first to use this "basic" valuation method (though I dont think the Accountants Society uses it.).

They then spread all HZN liabilities hypothetically over these 2 assets.leaving PNG as a stand alone situation with no debt. I like this approach. in HZNs  situation.

When they raise/shift this core valuation it will almost certainly be from drilling more infill wells.

I think the market likes this core/speculative division.The market places no net value on the PNG assets.which suggests massive upside if PNG turns out to be as good as some of us think.

If you buy Beibu and Maari for 14 or 15c you get the punt onPNG for zilch. "Belt and Braces" is  a good description of HZN.as an investment