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Some dead cats don't bounce.
The market is currently valuing OGX's oil in the ground at about $5.30 per barrel using the original estimates of total recoverable reserves from last year. However recent prices for similar territory paid by Chinese oil companies and others is about $15 per barrel. So stock is work at least 3x what it is at now ($12+). In addition the company is being very sucessful in its exploration activities and will likely have more oil than last year's estimates. Finally this analysis completely ignores vast gas reseves they have found on shore and exploration potential of other areas they operate outside Brazil. This is a $30-50 stock over the next few years.
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