north sea read .., page-4

re: north sea read .. salty Thanks Salty, did you do DD on North Sea?

On the weekend I did some rough numbers on Galoc up and commercial with 2 wells at 4400 bod and block 48/1a up and going in north sea with 2 wells at 5mmcf each,factored in Nido share of the assets and based the calculation on fully diluted around 600 million shares (I expect a reconstruction later) and on converting oil/gas to BOE, comparing reserves to Beach Petroleum - BPT (Nido potential reserves look better actually!!!) and using a BPT 'sentiment factor' I get a share price for Nido of 28 cents.

If only Galoc I get 16 cents.

Depending on a 'sentiment factor' towards Nido by the market I am getting a market cap of between $139M and $418M for the above Galoc and 1 North Sea field commercial (23 cents per share and 70 cents per share) and a market cap of between $81M and $243M (16.5 cents per share and 40.5 cents per share) for Galoc only.

Of course this all foes out the window if Galoc is not commercial - but that is what I am getting based on these assumptions.

Opinions welcome.