Just checked out the Devon Energy (NSE: DVN) Quarterly Earnings Report.
OMG !!!
These guys have done their numbers (10M barrels of proven reserves) on an assumption of 6 wells per section (drilling unit).
Devon are saying "additional appraisal and infill testing could lead to spacing as high as 20 to 30 wells per drilling unit".
If that's the case (and its Devon saying this remember, a multibillion dollar market cap independent) then 10M barrels turns into 30M to 50M barrels of proven reserves.
Apply a conservative NPV of USD $10 per barrel on that one and you do the math on the SP.
To make it easy for those following, refer below from the Devon Energy December Quarterly Earnings Report.
Worth looking, page-28
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