You're welcome Canuck44... Here's another one :-)

Questerre (16.20) - the sharp fall in share price cannot be justified.

• Questerre has fallen about 30% during the last month. In the same period gas prices have remained stable around 4.2 to 4.3 U.S. $ / mmbtu. We believe the fall in share price during this period is too great and is not fundamentally justified. We estimate the fair value of the stock to 32 NOK - assuming a gas price in line with the futures market until 2015. From 2015 we have used a price of U.S. $ 7.0 / mmbtu.
• We believe gas prices will be supported by seasonally strong demand throughout the summer. Furthermore, we are positive to long-term gas prices due to a strenghtening demand from the Asian markets.
• There are several positive price triggers ahead. The test results from Gentilly and Fortierville in Utica are expected by the end of the third quarter. Questerre anticipates a volume of 2.0 mmcf / d from the wells, which is well above the minimum requirement for commercial development of 1.5 mmcf / d.
• The financial position of the company is strong with a cash balance of U.S. $ 167m. We estimate that the company is throughout 2011 given the current investment plans.
• Questerre is definitely not without risk. Test results later this year and gas price
represent the main risk factors. "