I don't know a thing about this project or company (XST) i.e. the project/company described in the link above, nor do I intend to initiate any position but the bullet point got my attention.
The implied reserve acquisition multiple based on 1P reserves is an attractive US$2.10/bbl.
Cheap eh. Of course they use BOE. I think that's cheating a little so I did a little DD to get an oil related number. ALL NUMBERS BELOW reflect the XST project and not Pathfinder/AKK
So I look for just the 1P oil Reserves and use that so it becomes $49.6M/5.1MmBO to get $9.72/Bbl on NPV10 measurement
Remember that is 1P Reserves (not 2P) and on 2P oil only it comes out as $9.43 (surprising)
Now if we look at (PDP+PDNP) 1P only .... that is wells that don't require additional capital we get NPV of $4.2M and PDP+PDNP of 684MBO, which equals $6.14/Bbl .... giving oil away in CA.
Interestingly it is described as a "world class asset", "significant development drilling upside" and "50+ years of remaining production."
