Ann: Block 9 - Maiden Contingent Resources, page-176

seems mr mkt is indifferent to the unit 1B numbers - not surprised, also didnt like the delay in drilling (almost 2 weeks for 75m), and agree with @Smiteoff - looks like MAY is our month as I predicted many months ago.

What mr mkt hasnt priced is this:




so, assuming 5k p/d upper sheet + 40k p/d lower sheets = 45k boE p/d = 16.4 MILLION PER YEAR.

30% = ~5MMbbl NET TO MAY each year

for comparison:
KAR (MKT CAP AUD $1.7BN) PRODUCES 7MMBBL PER YEAR with only 152MMBL IN 1P+2P+3P NET RESERVES....


BPT (AUD $4BN MKT CAP):



rough valuation:
1) BASED ON KAR: 5/7 * $1.7bn mkt cap = $1.2bn MAY MKT CAP
2) BASED ON BPT: 5/20 * $4bn mkt cap = $1bn MAY MKT CAP
AVG = $1.1BN MKT CAP

and there you have it folks....the prized ~$1bn mkt valuation.....!