I cannot believe that a company that confirms a 50 million...

I cannot believe that a company that confirms a 50 million barrel oil discovery (that they own half of), that is free carried for another $45 million of exploration expenditure to further increase this resource in a known oil and gas basin, in a resource friendly country has not skyrocketed.

Lets look at the numbers again:
Oil in place (177mb +458mb) - 635 million barrels.
Exoma ownership - 315 million barrels (at 50%)
Say 30% is recoverable - 100 million barrels (conservatively).
Present value of in ground resource at a very conservative rate of $15/barrel and we have a discovery worth $1.5 billion
Exoma shares (diluted which again brings more money in) options on issue = 570 million.
So estimated value about $2.60/share.

Only a matter of time with this one...