enterprise value per barrel of oil equivalent

The ASX release this morning states:

"JPR believes the J-50 well result is in-line with, and supports, the reserves certified by independent reserves auditors (Senergy) of 8.6 MMstb of Middle Triassic 2P proven reserves and an additional 12.2 MMstb of P50 prospective resource mapped in Block 31.

JPR believes that the value potential of JPR??s reserves and resources places the Company at a very attractive discount to the majority of its ASX listed producing peers on an EV/BOE (enterprise value per barrel of oil equivalent) basis."

Yesterday's mc at close was AUD$34,562,595. Is the EV/BOE $34.5M minus cash on hand divided by 8.6 MMstb - say $3-50 per stb (which appears bloody cheap to me - or do we take into account the additional 12.2 MMstb of P50 prospective resource mapped in Block 31 which makes it even cheaper.

I wish JPR had explained their position in more detail. Can the HC posters offer a more detailed explanation?