MAX PETROLEUM 2007 A giant in the making

Looks reasonable to me. If they can get just the $27 and achieve 250 bopd from 24 wells they would be turning over around £50m pa. On a market cap of under £300m and with the 6-9 intermediate and 3 deep wells plus future major prospects not factored in, that looks very good value.

Also we have:

"The Group anticipates it will begin selling its crude oil into the export market in early 2007, which is expected to significantly increase the Group's price received per barrel."

Progress may be slower than anticipated - overconfident timelines seem to happen a lot in this industry for some reason - but the end results should easily justify a big upside to the current market cap IMO.

Of course, IMO and DYO