If current 2P reserves are in fact only 4mmboe (net OEL), then OEL's enterprise value per brl looks expensive at 10cps
ie
1,149,290,071 shares x 10c sp = ~$115 million market cap
Cash at 31-12-13 $16,427 mil
Debt at 31-12-13 $35,923 mil
Net debt $19,496 mil
EV is market cap $115mil + net debt $19.5mil
= $134mil @ 10c sp
divided by 4mmboe (2P reserves Net OEL for Galoc 1 and 2)
=EV $33.50/brl @ 10c sp, or USD $30/brl @ FX 0.88
Not that cheap given the risks and suggests there's already a couple of cents of SC55 blue sky factored into the sp at 10c, imo.
If SC55 falls through, I think OEL will be back down to 7c sp which would equate to EV $25/brl 2P reserves.
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