IVAN Ivanhoe Energy: Upgrade details (2.29 +0.07) -Update : As noted at 6:28 Jefferies upgrades IVAN to Buy from Hold and raises their tgt to $4 from $1.65 based on its Heavy-To-Light (HTL) Heavy Oil upgrading technology. They believe IVAN will leverage this proprietary process into Joint Ventures with operators with significant proven heavy oil properties, which could ultimately represent $14.67 per share of Present Value. The firm notes in order to prove commerciality of the HTL process, Ivanhoe built a 1,000 Bopd test facility in Aera Energy's Belridge Heavy Oil field, located near Bakersfield, California. After performing a successful test run on California Crude, the firm says Ivanhoe is now focused on performing longer test runs for potential partners utilizing both Heavy California crude and Athabasca Heavy crude (Bitumen). The firm says implementation of the H.T.L process can increase the present value of a standard 30,000 bopd heavy oil project by $860 mln. They believe Ivanhoe can leverage its proprietary H.T.L process into gaining ownership of between 25% and 35% of a new Heavy Oil project -representing between $342-$479 mln of present value net to Ivanhoe for each project. Based on the assumption that crude oil averages $65 and IVAN enters into five agreements, the firm says this could represent $3.5 bln of present value to IVAN, or $14.67 per share.