ev to reserves chart

in their latest presentation WCL put up an updated chart of the relative values of csg coys, wrt EV to 2P and 3P reserves.

in the case of MPO it does not take into account their large cash/equities holdings, so its value is skewed lower.

wrt BOW I get a figure of EV 16c/gj 3P and EV $1.90/gj 2P.

wrt ESG I get a figure of EV 39c/gj 3P and EV 72c/gj of 2P.

So clearly this type of calculation penalises BOW because it has not converted much 3P to 2P, and also these comparisons do not take into account potential upgrades and quality of permits.

Equally wrt WCL it does not take into account all its infrastructure and its production profile.

One can see the anomolies of the low EVs of WCL, MPO and MEL.

Given BOW's delayed 2P conversion, one might view a 3P pricing comparison as more appropriate; and in that light an offer of only 16c looks pretty stingy, when you compare it to the average of 70c/gj for 3P. Its only about one quarter of the average!

the original chart did not include MEL, so I added that in for comparison.