Before anything is produced, better to use a very rough guide of...

Before anything is produced, better to use a very rough guide of 1 BCF = $1 million to MC. I was being generous in an earlier post, not thinking of the 20% factor with Santos. I give these numbers a MC of about $35m. Add a bit more if you get a bit more out of Killanoola SE-1. But on the flipside these are 2C numbers and they need to prove they can flow oil, so you can argue this means a deduction to valuation. Doesn't mean they can't grow, but they need to start producing and/or have exploration success.

People might need to step back and look at someone like CVN. They are a $400m MC company, and their share of Dorado/Buffalo is about 100 MMbbl, probably more. They have 15-20x what ROG have. Offshore and different costs and so forth. But do the maths. You can't just see X amount of barrels and multiply by $25 or $50 or whatever number you think a barrel is worth.