We find the recent news about the quality level of Interfox’s main asset license 71-1 as highly important. Recent studies show that the reservoir has absolute permeability with high quality hydrocarbons present, thus we see a likely premium valuation of the asset. Interfox currently has 38 mmboe of C1+C2 reserves under registration; this registration makes the valuation of the company less uncertain as a range of values for these reserves can be assessed. At our Base-case we use a C1+C2 reserve of 38 mmboe and an EV/C1+C2 multiple of 0.9x dollars, indicating a fair value per share of 2.9 SEK. In our Bull-case we use a C1+C2 reserve of 105 mmboe (50% of C3 converted) and an EV/C1+C2 multiple of 1.2x, indicating a fair value per share of 11.8 SEK. In our Bear-case we use a C1+C2 reserve of 29 mmboe and EV/C1+C2 multiple of 0.5x, indicating a fair value per share of 0.4 SEK. The valuation spreads are large, which also shows the risk in accordance with an investment in the oil & gas exploration industry.