I take your post and would add that you have not included the debt of 50% and farmout would more than likely be 50% as well:
So:
11.6 billion barrell mean resource which mind you is UOIIP
35% recovery rate = 4.06 billion barrells, and
they only have 50% of the package = 2.03 billion barrels
50% debt = 1.01 bill barrels
a farmout of 50% being a MAJOR interest leaves them 50% of .5 billion barrells = 500 million barrells.
I think you need to re-look at your calcs as you have double dipped on the 50% ownership but neglected the debt and I have included a conservative and realistic farmout.
Happy to be proven incorrect:)
NDO Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Not Held
