Oil over $45 a Barrel, page-206

What are everyone's thoughts on a pass mark for a favorable conventional find for 88e? Here are my rough estimates on what size a conventional oil trap would have to hold to be commercially viable for a JV partner. I would love to know whether these figures are on the money or if I am missing something? (Note I have estimated POO to be $60 per barrel for the calcs.

Drilling and Well cost approximately: $5 mill USD per well x 20 wells - 100 mill
Assuming that the flow rates are ok BE cost approximately: $35 USD per Barrel

* Basis this profit margin is $25 USD per barrel.

So it would take 4,000,000 bls just to break even on the well cost?

So when you take into account the 88 / Burgundy cut of lets ball park it at 20% and the Alaskan Government royalty of 16.% the real break even is approximately 5,440,000 bls for a farm in partner.

So basis this what are everyone's thoughts on the pass mark for a conventional find to be attractive to a JV Partner? In my opinion 150 million bls would be highly attractive for a farm in partner. See below calcs:

150 Million barrels x $25 USD profit - $3.75BN

less 36% (20% to 88 and Burgandy and 15% to the Alaskan Government)

= 96 Million Barrels or $2.4bn

Less 5.44 ml barrels for break even cost

= 90.56 Million Barrels or $2.26 bn USD net profit

So my pass mark for a conventional find is between 100 mil and 150 mil barrels.

Anyone else feel like doing some maths and telling me how bad my assumptions are?