...If the only value of Connacher is the reserve… why are we producing ????we should dig corehole… and get some value ??..

Excellent point, Glindway.

Take a look how the Analysts are setting the target prices for OIL-Sand companies. :

UTS Risked NAVPS $5.06 (475 million shares)

Valuation ---0.5 X NVAPS (2P + 2C) = Target Price $2.75

CLL Risked NAVPS $3.03 (430 million shares)

Valuation---0.6 X NAVPS (2P + 2C) = Target Price $1.75

The above is based on Scotia Capital research. The same methodology is used by other Investment Houses. Only multiplication factor are different.

Suggestion that the CLL SP is chip based on the revenue is very funny. In some sectors the SP Price/ Cash flow is taken seriously. Revenue is useless factor, especially for CLL which have more then 50% of the revenue generated by money loosing refinery.