Ann: Paloma Deep Testing Update , page-13

Team NEN, I need a reality check on some numbers... This announcement seems to be a company changer but is it me or the market who has missed something? Last half NEN was selling their oil for $96 barrel at a production cost of $13.22/barrel. If this the acerage detailed in this announcement has upper estimate of 23m barrels recoverable oil let's assume half of that. So at 11m barrels recovered at a profit of say, $80barrel, then we are talking the NEN profit share of 75% being $660million. Not bad for a company with a market cap of $180m with 2 Vietnam drill holes on the way... Have I missed something here? I must have something wrong in these back of the envelope calcs... Remember I am only assuming half the max recoverable estimate... Can someone please tell me if I am off the planet. Happy to be corrected which is the value of hot copper. Damo