Bells 36-77c Valuation, page-4

kfann

Great thanks. I note that their base case valuation of FAN + SNE is $580m or 18 cents/share.
That looks to me like they are valuing in ground oil of 100 mbbls (FAR's 13.7%) at A$5.80 per barrel = US$5.00. Once the resource is confirmed a s a Contingent Resource that figure may be revised up. Certainly after appraisal when it is reserves that could command MUCH higher valuations.

And they give the rest of the Srmnegal acrage and prospects a valuation of $183m (5.6 cents/share) base case and looks like double that in the upside case.

Now for the marketing campaign from FAR!

H