Value_Hunter, yes very good point on PDP, which I hadn't fully...

Value_Hunter, yes very good point on PDP, which I hadn't fully appreciated.

From mid year reserves report, Group 1P NPV10 was $293M with PDP being $US153M or 52% of Group 1P NPV10. (first and only details of PDP I have seen from RFE)

So, assuming RFE's current Group 1P NPV10 is (guess) $240M with lower oil forecasts, the company would have circa $120M PDP and $120M PUD.

Based on "AZZ valuation method" of 100% for PDP and 30% for PUD and, RFE's assets might have a value of:

100% x 120M (PDP) + 30% x 120M (PUD) = $US156M ($US56M or $A0.125 / share after debt removed).

However, if you value RFE's Group 1P NPV10 at $200M, then value is approx. $US130M ($US30M or $0.07 / share).