Email response from FAR, page-106

Actually White noise,

In triangulating your logic around the valuation of what CVN should be hitting valuation wise, please let me know if I am correct in leveraging your formula;

http://www.smh.com.au/business/mini...l-offshore-oil-discovery-20141008-10rpyq.html

- States that FAN-1 most likely has 950 million barrels, with 30-40% recoverable (midpoint .35)
- We understand that the quality is light
- By your valuation in ground we should also have $25 USD
- FAR's share is 15%
- USD to Australia - lets use 1.14

So 950 X .35 X 25 X.15 *1.14 = $1,421M AKA $1.4B

White noise, can we please have you look through these assumptions using your experience and let me know if this is correct?