Not at all. BP had a carrying risked valuation of 41mn for SE with overall TP of 29c. Macca had fully written off SE with overall TP of 22cps. Can't remember what GS had attributed to SE - think their overall TP was also 29cps. So this is not far from bad news. It's all relative to market expectation and what has been priced into the current price.
The additional revenue stream of 40-50mn will do its DCF valuation a world of good. When I have some time later today (hopefully), I will plug that number into my DCF model. I am guessing from past recollection that it will add about 10cps to its DCF valuation.
618
Ann: South Erregulla Reserves, page-21
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