Deutsche Bank estimates that MI Energy (1555.HK) purchased the Kazakh oil project Emir Oil for 170 million US dollars last week, which is equivalent to 8 US dollars per barrel of oil; if the acquisition is implemented, it can double the scale of MI Energy and extend production growth until 2016; maintaining the stock purchase rating, the target price is HK$4.09, which is equivalent to 7.6 times the 2011 price-earnings ratio, which is still far below the global average of 12.9 times the global small-cap industry average.

MI Energy hit a new listing high of HK$3.0 this morning; it is now reported at HK$2.93, an increase of 7.7%.