Hi Spidy

I'm just searching how you come to these figures but I guess your calculation will be correct.

But why would you calculate that way.It doesn't bring into account the cost to get out of the ground.To get bitumen out of the ground it cost a lot of energy .

So the SOR alone can have impact on the price per flowing barrell.I think the costprice to get it out of the ground can have impact on the sp .

So maybe in your value calculation/fb it should be interesting to include the costprice /fb

If you could make same calculation minus costprice /fb that's perhaps a better valie if possible of course

Such things are not my best properties and also my English understanding in these issues is not so easy

But no matter which way you count it a value is determind by the marketThe buyers vs the sellersThat's why charts have their ups and downsA chart tell th efeeling or emotion from the buyers and the sellers

A good DD is needed for an investment but it's also good to have the overall action of the markets and commodities behavior in mind

If market sentiments turns all companies are coming down but the most risky players suffer the most .

I think that with the completion nearing day by day and if oil price makes no big dive we could move back towards the 1.67 and if all stays well by end this year a move towards a higher band range is possible.

But if something happens again worldwide and earning are coming down and economic pace will slow down again the sp will drop again even Algar is running full speed.

Like Brian wrote there is still to much uncertainty and past year the market took positions in an oversold market and brought it back to levels were everybody is more prudent right now and the eagerness to buy is not the same like in 2009.This year will be a difficult year for stocks.The clarity of the future is not clear right now.