I think you will find potential 3p reserves includes current reserves. Correct me if I am wrong.
You will also find that the CB experience is that a success rate of 40-50% is considered good. The point about BPT or COE is that is waht the market values CB oil across the industry and I cant see why ITC reserves would or should be valued at any higher. You will also find that each exploration well costs approx 1.5- 2 million so finding the oil is an additional cost to simply producing it
There is upside to the SP but it will need a fair bit of exploration success.
Not overvalued but not undervalued either imo. My advice would be dont base your valuations of the best case scnario of 3p reserves because that is simply best case and in my view unlikely
ITC Price at posting:
4.7¢ Sentiment: None Disclosure: Not Held
