RE:AGM Presentation I am happy to see them pushing the PDP NAV as a minimal valuation level to expect. Many in the sector trade above PDP by a considerable amount. A discount to PDP NAV is clearly an undervaluation as that number includes all debt and ARO. It is essentially the liquidation value of the existing asset discounted at a 10% present value. To be trading about 25% below liquidation value is a major steal.
There are other players who trade below this value but most don't. I use this to choose the best value plays in the sector of which OBE is one of the best.