In short: Oil example: "3.5 times cash flow against 6.7 [PDP years] and 16.8 for 2P."
InPlay is a small Alberta light-oil producer. It trades at 3.5 times cash flow while its already-producing reserves would last about 6.7 years (16.8 including probable). Schachter's point is that the market should first pay a multiple roughly equal to that producing reserve life — about double today's level — before paying anything for the undeveloped reserves.
24:275 times cash flow, 12.7 PDP years and 31 years 2P. On the oil side the numbers are usually lower. But I'll show you one. Bonterra trades at 1.6 times cash flow. PDP is 6.2 and 2P is 19.7. InPlay Oil 3.5 times cash flow against 6.7 and 16.8 for 2P and then Obsidian 4.2 times cash flow and 6.9 PDP, 16.8 for 2P. So the cash flow multiple has to rise to PDP first.
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