• Stock trading at large discount to peers (ca.-40%) and to risked NAV (ca.-60%). • Our estimate of total cash return yield of 15-16% for FY23E and FY24E (as per RNS of 30 March 2023) is not yet priced-in by the market. • We expect FY23E guidance to be raised in August to account for strong production of 20,000bbl/d in Q2 2023. • Beyond that, we expect strong future growth in reserves and production from current Bretaña field development as well as low risk exploration. • Best time to buy into t ....