My take on report
So despite what some say about the report and claim to have truth to be their interest we now have 60 million in contingent resources, which means they are only lacking a well and a way to get the oil out.
There has been no decrease in Jeribe, only a decrease in the risk associated with the deposit. We used to have 120 million barrels in the best guess estimate, now we have 235 plus 60 million in contingent.
Lets compare Iraq oil with oilsands oil shall we? This is the oil that can be produced for less than 15 dollars a barrel. Lets say we have 300 million barrels and it costs 15 dollars a barrel to produce and oil is 90 dollars so there is 21 billion worth of profits in the ground. We have a 40% share so 8 billion dollars. Market cap is 60 million so 3/4 of a %.
We are quite undervalued right now, and with oil prices inching higher and the potential to find much, much more oil the oppurtunity is there for at least a 10 bagger from here.
But she is not without risk. Mostly political and I bought more this week because the political risk is rapidly receding.
Good look to all. I think even though maysteeler has posting diahrea and taxdemmico is positive they are closer to the real deal on this board.