valuation

With a 50% share of 200 bbl/d equivalent equaling 100 bbl/d, it equates to say $7000/day in sales. This works out to $2.1M per annum. As there are probably 3 zones, I would anticipate 4 - 6 years production from one well at those sort of rates. So if they drill 6 wells, that's $12.6 Mpa. If the choke is opened to double to flow rate then it's $25.2Mpa. Not bad for a company with a market cap of $28M. And in two years time, the price of oil and gas will be higher.
Why would you invest in Australian based companies. With 300 ft of pay you're on a winner. And with that kind of payzone on this structure, there are more wells to come for sure.