RE:RE:Earnings estimateI agree that the stock is extremely discounted and I expect the shares to move much higher over the weeks and months ahead.
That being said, you are both missing one major item in calculating cash flow. They pay a 50% tax rate in Thailand so you need to account for that in your cash flow calculations. Unfortunately, this is a real cash tax and it is effectively imposed on free cash flow at the Pan Orient Energy (Siam) level.
I don't think the exact number is that important because the shares are so cheap but for what it is worth, I have Pan Orient bringing in free cash flow of $14M CAD based on average daily production of 1,550 barrels/day, a $65 brent oil price, 1.26 f/x rate, capex of $6M and G&A at the POE head office of $2.5M. (Note that all of the estimates above except for the $14M of FCF and POE head office G&A relate to POE's 50% share of Thailand operations.)
Steve