Based on cash flow In Union Securities last report on Ithaca (Nov 2011), Warren estimated that 2012 cash flow for Ithaca, will be $1.10/share but I think that was assuming Athena would start production by Feb.
On the basis of a conservative Price to Cash Flow ratio of 4, Ithaca should be trading at over $4.00 by late Q2 of 2012.
ANY OFFER UNDER THAT WOULD BE GIVING STELLA AWAY FOR FREE! Remember that when it comes time to vote.
The latest Sproule report (December 2010) for Stella:
| Oil (mmbbls) | Condensate (mmboe) | Gas (mmboe) | Total |
Net 1P | 2.16 | 2.05 | 7.31 | 11.53 |
Net 2P | 3.97 | 3.10 | 9.19 | 16.26 |
Net 3P | 6.16 | 3.97 | 10.79 | 20.92 |
Harrier has been given an additional 11.69 mmboe of 2P reserves by Sproule and Hurricane will surely add more.