These are pretty rough calcs i'm sure you'll agree as there are many assumptions that can be bandied around.
But even so, in line with you're suggestion, you could drop the revenue down by half, throw in an additional $5mil costs for operational expenses over the production period and we're still sitting on value of ~2.6c/share without any drilling or prospect potential value factored in
This market is a tough crowd to impress i reckon.
AKK Price at posting:
1.9¢ Sentiment: None Disclosure: Held