My valuations would be bias toward net assets values rather than...

My valuations would be bias toward net assets values rather than price earnings. The earnings (or profits) are none -the-less important as they give the shareholder some comfort with cash going forward i.e the dreaded C.R., so will have some influence on the shareprice. The former has a more dramatic effect on the share price. So lets have a look.

Edison Jan 2014 Broker Report

Core Valuation (Edison call this Production) $94.1m
W.L. "A"    $30.1m
SG&A (selling & gen overhead) ($28.2m)  
Net Cash (  $5.0m)
Exploration (Edison call Core NAV)
Baragatan $10.1m)
Galoc North ($23.3m
(ignore other sundries)

TOTALAusD $124.4m
Issue 2.0467b shares or 6 cents (risked value)


Effects of Baragatan Success at 115mbbls

Success moves the unrisked value of 3.8 cents per share to the risked value of 0.6 cents per share or a 3.2  cent increment in the share price. Gives the new shares price of 9.2 cents (risked value).
(this is my assumption only)

Conclusions

The potential of success at Baragatan is far greater than what is made out as above. See what a influence
a producing field has on nearlogy exploration (Galoc 2.7mbbls equals $23.3m whereas Baragatan has 23mbbls equals $10.1m i.e difference from 30%COS to 17% COS respectfully). Hopefully the market will respond and sharholders will get a "Eureka Effect".

(Excuse the presentation - my first post on the new HC)