Impossible to set a "book value"
We have no idea where the reserves stand or what the natural decline will be. Some of these wells are only flowing from one zone out of several and we have no idea how that might affect future flow from other pay intervals. We also have no idea if the choke could be increased to provide greater flow rates. The list of questions is longer than the list of Answers.
All we no for sure is.
- Solid cash flow
- Excellent track reccord on last few wells.
- Supportive Government
- Quality Management
- 2 or 3 more wells in final stage before production
- Good flow of information from Company
To me all these items point to the plus side. I think as far as juniors go this is as good as it gets. Until there is reason to doubt the future growth of this Company I'll remain Long.
Good luck Everyone.