Thanks for the reply Monark"Based on 1.2 milllion barrels, the...

Thanks for the reply Monark

"Based on 1.2 milllion barrels, the reserve is worth between $18m and $24 so $20m is accurate in my view. I dont recall suggesting that TTE should farmout 50% because it is worth $20m ... What value that farmout has i dont know - maybe a couple million, maybe $5m."

If the Perry Ranch reserve is worth ~$20 million, why is TTE's non-current assets (i.e. its total portfolio of assets) valued at $5.6 million ALTOGETHER as reported in TTE's half yearly report (noting that the 5.6 million evaluation only comes to play after successful exploration as stated on page 12)? Also, if it is worth $20 million,aren't you implying that a 50% farm-out would be worth 10 million and that a farm-out of 50% for 5 million be undervalued? I tried to research about the valuation of 2P and cannot find anything relevant.

Thank you about the information about the wells, didn't know that.