Post by
TheRock07 on Feb 15, 2014 11:16am
What am I missing ?
Two juniior oils operating in Argentina........CWV with market cap of $70 million......and BOE with a market cap over $300 million.
CWV produces 1700 boe/day with 2P reserves of $7.1 mmboe
BOE produces 2500 boe/day with 2P reserves of 6.6 million boe.
BOE reserves were valued at $264 million NPV10D
CWV reserves were valued at $62 million NPV10D
RPT reserves were valued at $ 123 million NPV10D
Lets take the more conservative valuation metrics of CWV...........about $9 of marketv cap per 2P barrel reserves and $45,000 per flowing barrel.
Both CWV and BOE have LT debt.
RPT has no LT debt.
Also, RPT has a gas processing plant generating $10 million in annual sales.
RPT produces 225 boe/day worth about $9.5 million USD in market cap.
Add $15 million for the NPV of the gas processing plant and the fair value NAV would be close to $25 million or nearly 4 cents per share.
Any way I look at RPT valuation I cannot arrive at any value less than $20 million.
The only shares now for sale are a paltry 6 million most probably retail investors looking for a quick flip.
No one else is selling.
Comment by
Casholaa on Feb 15, 2014 2:47pm
cwv as of eof septemberr 2013 - 105m shares - revenue $13m - 15c revenue per share + $12m cash (12c cash per share) - book value 58c boe as of eof september 2013 - 213m shares - revenue $58m - 27c revenue per share + $26m cash (13c cash per share) - book value 84c rpt as of eof september 2013 - 573m shares - revenue $7m - 1c(?) revenue per share + 0 cash - book value 4c