Addax Petroleum (fka AXC)

[Julius Erving]

Troy,

"AKPO was valued at $7 per barrel. That oil was "in the ground" *AND* under a mile of water. $15 per barrel onshore is a fair value."

I can't find anything worthwhile on bookvalue per barrel, it is very complicated I've read.

But as oilprices go up, bookvalue also goes up, so that is a very good thing, since this oil of course will be brought to markets in several years from now, so way past 'glutoil'.

http://oilprice.com/Energy/Crude-Oil/Why-Value-Per-Barrel-Is-Such-A-Lousy-Metric.html

Value per barrel is a completely hopeless way of putting a price on an oil company or project; but (as with democracy and political systems) unless you have all the detailed facts, numbers and sophisticated tax models it is still the best tool most investors have.