TSXV:ART.H - Post by User
Comment by
justin_a_lyesseon Feb 12, 2010 11:09pm
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Post# 16782756
RE: RE: RE: RE: Crunching numbers
RE: RE: RE: RE: Crunching numbersOne last thing to remember: Addax Petroleum got bought out by Sinopec last year following a 2 billion barrel discovery in our beloved Kurdistan. The premium that Sinopec paid was $16 per share over the price of Addax before the discovery. That's an $8.00 per share premium per billion barrels. Mind you Addax only had about 160 million shares out, but the price of crude around that time was in the $40 to $50 per barrel range. So again, I re-itterate, I believe we are worth just shy of $7.00 per share, per billion barrels of in ground discovery.