Interesting too that you see the shallows as bread and butter wells and the elephants as the excitement. I wonder if this is a fair reflection of market perception?
For me the intermediates are seriously sexy. The company have so far identified 25 intermediate leads, of which 3 have so far been developed into drillable prospects. At 50-150mbo each, and with a 6-9 well drill programme before the end of 2007, that can have quite some impact on the SP.
If you take the broker figure of $9/bbl in the ground (based upon the Nelson Resources take out figure) and discount it to allow for bringing fields to production maturity, it doesn't take too much to blow the current SP well out of the water.
By my calculations, the company will have more than grown into it's current market cap on shallow drilling alone within something like 10 months!
....and that discounts any intermediate or deep drill success or any enterprise valuation that you might care to place on the acreage generally. Take that exercise further, and assume that Cannacord were right in their estimation that Astrakhanskiy is currently worth 68p/share, and by my estimation, Zhana Makat success alone will justify a share price well north of where we are currently sitting
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