share price outlook now, page-6

Morefish,

I think you are a bit confused about the gas. Timferris's interpretation is right.

This is not a gas field. There may be a gas cap but rest assured this is oil. Oil contains dissolved gas and when you lower the pressure (such as by drilling into it then taking extensive mud losses) the gas comes out of solution and is more mobile than oil so you get strong gas shows in the well.

So you can't compare a 60% gas peak with 25% oil in mud returns. The numbers mean nothing by themselves and it's not a gas-oil ratio.

So restore your 111 MMbbls of oil to your valuation. :)

My valuation using the same method as you guys is $1.04/sh which is almost exactly the same as kastin's... which is interesting because I used some quite different numbers (eg I added RISC's Bargou estimate but not OML113).