Ann: Cleansing Statement and Appendix 3B , page-6

If they get to 5 bil shares on issue.

Then one method of valuation is price/flowing barrel.

Using a valuation metric of $213,000 EV/BOPD which is the average of CLR, KOG, OAS, WLL being comparable (however larger cap and more stable US oilers). Then to reach a SP of 2.5c would mean they would have a market cap of $125mil and need to be producing 586 BOPD.

5c = $250 mil and 1,173BOPD
10c = $500 mil and 2,347BOPD.

Whilst they could achieve 586 as the IP from one well they will need many wells online to achieve that as a steady state after the decline from IP.