@unsw Need for you to explain your question.Are you asking to...

@unsw Need for you to explain your question.

Are you asking to model with 2019 oil price average of $40/Bbl?

IMO that is absurd (and not worth doing). Were that to be true, I can't see SEA spending any capital (unless it is to HBP acreage which I do think they need to do - already held (mostly)). That scenario was effectively model iin my production guidance post when I looked at a no Capex - production flat model ... and if SEA are true to their word (based on hedges in place) those hedges are pretty much 100% of 2019 oil production - i.e. the capital spent was protected (fully in 2019).

Whether the EBITDAX estimate holds is up to you. What multiple you wish to value at is up to you, likewise whether debt has increased (it shouldn't). That gives you your EV and what the Equity would be valued at.