You realise all they did was take the FY23 actuals for KAR and...

You realise all they did was take the FY23 actuals for KAR and added on Whop Dat. That included significantly lower production for much of the year being as the Bauna intervention campaign and the Patola development only occurred throughout the year.

Production for FY23 was 7m barrels. Even the low case of 8m barrels is above that, with an upside of 10m barrels (almost 50% increase on FY23 levels).

I think its also worth taking a look at EBITDA and cashflow generation, as whilst depreciation will be high (and thats why it may seem like they have overpaid for this acquisition), operating costs will be low, hence why the netback is so high on a cashflow basis. I would hazard a guess that future cashflow generation will be higher in the KAR business than the BPT business, just purely based on the asset mix.