Seriously $8 per share, have you gone off the deep end?? What hopium are you smoking??!!

Do you understand Net Asset Value (NAV) & Net Present Value (NPV) analysis at all??

I didn't make any mistakes. I accept the pro-forma figures from the Atrush's Field Development Phase (FDP). Based on those numbers, I calculate SNM is worth $1.55/share (NAV). However, the NPV is lower using factor @ $5/share in-ground reserves for Kurdistan oil..

  1. 627 mmboe (best estimates)
  2. SNM's 20.1% = 132 mmboe
  3. 132 mmboe times $5/barrel insitu = $660 million
  4. $660 million divide by 819 million shares = $0.805/share (NPV)

By the way, Lukas Lundin said SNM is worth $1/share or better, and Scotia Capital pegs SNM's stock value @$0.75/share. Those numbers comport with my calculations above.

Not to put SNM down, I feel Atrush-3 will have a big impact delineating our reserves. The Company should be worth much more with ongoing developmental drilling.

If we get a cash offer of $8 per share, I will kiss your butt.