9150 bpd? You just said the 6000 bpd for Tishrin was Syrian Petroleum's oil. So why should anyone use Syria's 6,000 bpd production to calculate TYK's production rate??
$ per flowing boe is VERY high at $76,800 ($242MM/3,150 bpd) I can buy hundreds of juniors at half that price, and lots of em at 1/3 the price and still have money left over to add lots of reserves
Sorry, I just don't see how you can say 179MM of 3P is valued at $3/bbl. I can see $4 for 1P, $2 for probable, and $0 for possible. Since I don't know the breakdown, I can't say for sure what I would value the reserves at, but is it is nowhere near your $540MM.
However, the recent reserve study showed NPV (at 10%) only assigned a value of $269MM...
Either way you look at it, reserves aren't worth anything close to your "$540MUS" assertion.
Conclusion: Relatively unattractive PSA and royalty scheme in Syria. Heavy oil. Limited upside in Egypt. TYK trading at a premium. Good for current shareholders. Unattractive to new investors.
Not bashing, just saying no compelling reason to buy at current valuations... |
