Back in July the estimates I was working off were 2mmbls recoverable for ERH's share in 330, and 8.4mmbls in 430.
It now looks like the recovery in 330 is closer to 2mmbls (40% of 5mmbls) and 12.8mmbls in 430.
A nice net increase. Appears that the fresh external consultants have earned their keep?
At US$30 a barrel recoverable suggests a value of US$444m, or A$634m at 70 cents Aussie.
There is around 350 million pieces of paper on issue which if all becomes fully paid raises $48m. Lets say that is spent on field development. And lets knock the value per barrel down given the fact they are slow dribbling fields, still gives a healthy margin well above A$1 per share.
Given the market may take some time for the world to recognise same IMO.
Cheers,TAS
ERH Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
