CHAR/CFK: Ironically, the prejudiced thinking towards emerging countries such as Russian, Kazakhstan and China from many western investors like yours (as you said, Lukoil may unlawfully cut its oil reserve half) made my year of 2005 as the most profitable ever. My biggest profit came from PKZ, as I bought 10 times more when western investors thought Kazak might take over PKZ at low ball price without obeying its own law.
Contrast to your thinking, merely 26% (not 16%) developed oil reserve represents huge potential growth for CHAR. I believe CHAR will produce over 20,000 bopd within 2-3 years. At that time, its share will be traded at $20-40, even if oil price does not increase from here. On the other hand, how much growth will CFK have in the next 2-3 years if oil price remains current?