Far spreadsheet late NOV post issue update, page-6

Great in depth analysis PJ and nice rejoinder OOO. I think, more likely hoping and relying on market over shoot that if SNE 2 can flow generous numbers after an extended flow test that valuations may exceed those currently @ the POO of 40-$45 Brent...in the short term at least. The word commercial is critical of course and although it will not be uttered I'm sure, after just one flow test on 1 well, it will surely remove a great big layer of doubt as to the rest of the reservoir. So, hoping for a bit of bang for buck if SNE 2 can deliver.

Thereafter of course, the POO and further success, particularly in regards to Bellatrix and a new play proven will decide the course of the SP longer term.

Apart from that, being conservative also, I have little problem with your analysis. The question of a T/O premium obviously increases in line with more success , particularly Bellatrix. It could be anything, depending on the strike rates of success and of course the prevailing POO at the time.

GLTAH