CALIMA ENERGY - Positive Outlook, page-6

CE1 oil is valued in WCS, not WTI. It is currently trading around ~US$60 not US$85. Also, I believe 40% of that 1P BoE is gas, which is only worth around a quarter of real oil.

Also, valuation should include operational cost (drilling, royalties, etc). My optimistic thumbsuck at current oil price is ~$10 per BoE. Minus management costs, the 1P is probably worth ~US$70m with 10% discount rate.

Of course, if management pulled another Montney, it may as well be worth ~AU$12m. If we are lucky.