Ann: Capitola Oil Project Operations Update, page-11

Oil is quietly going about its business cranking back into the $50's now, and soon $60's, and by year's end I stand by my call of $80. Yet this little producer is trading below cash backing. Cash is being added to the kitty with every barrel produced, and the profit increases exponentially with every incremental increase in the oil price, as our costs are fixed.

At $50 we actually make TWICE as much profit as when oil is $40. So take any projections and TRIPLE them if you think oil will sit at $60-ish.
* assuming all-in cost of $30 (which is a conservative assumption given the reported figure is less).

Also remember that the dollars held are US-denominated, so convert it to AUSSIE to see the other reason why this little pocket rocket should be trading at closer to 3c.