$35m Market Cap, page-3

This would be more of an AWE senario (oil producer with shallow and deep offshore wells as part of the portfolio). The debt and the ability to service it over the long-term would be playing on investor minds.
I hazard a guess that these off-shores would be costing more than US$50/bbl

Low Cost Producer
Gas (plant capability/well delivery) now at 9.5tj/day Lets say.... $20m/annum revenue
Condensate at conservative 38bbls/tj at A$43..............................$ 5.0m/annum revenue
Plant Operating costs.....................................................................$ 3.5m/annum

Debt
$15m but serviceable over the long term through production

Reserves
3mm BOE

Contingent resource (drilled last month)
Red Gully North 2C at approx 1.9mmBOE
Flow test within 2 months
Extra Cap Ex to connect approx $4m

Plant
Booked at $23.4m as at 30th June 2015
Value now has leverage against increased B Sand Reserves plus possible RGN reserve

Conclusion
Company is in the resources sector (don't forget that Alcoa is still in the same boat so to speak). The stain of low oil/gas/commodities is endemic.
Management's biggest problem is the ability to raise equity if we have to drill off our own bat i.e. now a lot tougher to attract a farmee.