Enterprise Value/brl 2P reserves, page-6

A199
I dont follow AWE closely but note you quoted Barrel of Oil Equivalent (BOE)
In AWE's case, thats roughly 2P reserves of ~44mmbbls oil and ~36BCF gas going by the graphic in their May 2015 preso.
I was just quoting the EV for HZN's producing 2P oil reserves, which typically has a higher $$ value than the energy equivalent in gas.
HZN has 50% of production hedged at USD95/brl until June 2016, whereas I dont believe AWE has any hedging ?

A recent transaction was OEL selling Galoc 2P producing reserves for USD32/brl. Galoc is offshore Philippines, somewhat complex structure, several horizontaly drilled producers hooked up to FPSO.
Risco bid ~USD30brl before POO tanked. After POO had tanked to ~$50/brl, BCP/nido counterbid at USD32/brl and closed the deal earlier this year.

Of course, EV/brl is a rough measurement, and it depends whats going on with the other company assets.

Agree with you that a corp action is required to unlock the value of HZN's PNG contingent resources.
I would prefer an asset sale.