Hawkley Oil and Gas has a growth profile that many of its peers would like to boast. This was only enhanced last week when the company announced there had been a fourfold increase in estimated resources within its tenements in the Ukraine region.

It is possibly the location of the company’s operations that have resulted in it flying under the radar. But the fact is, Ukraine is an oil- and gas-rich region that is relatively unexplored. It could be argued that if Hawkley was operating similar types of onshore projects in North America, it would not be trading on its current forward price-earnings multiple of about one relative to Hartleys’ 2012-13 forecasts.