Future Quarterlies/Valuation

I've done a quick financial to guess cash flow in the coming quarterlies, assuming they can maintain the average daily oil production stated in previous announcements and future wells drilled are producers with a Bo sale price of $52.



So I havent included the 1.8 million cash avialable at the end of quarter as I've assumed this will all be spent on future well development.

But are there any other expenses that I'm missing? Do operation costs increase significantly if they have multiple wells on pumps?
Obviously they could pump more cash into exploration and eat away at profits but hopefully more wells should result in more oil sales. If they can also get over 500 bopd and stop exploration this will greatly increase profits.

So by the end of the year they could be on track for $1 million (AU) profit per quarter moving forward, even more if they hit a gusher and can get production to around 1000 bopd.

Whats the best way to value oil companies is it a multiple of profit, Valuation / lease acerage or Valuation / reserves(5mil, 10mil or 22 mil)? Because if they can hit these numbers I can't see how this can stay at sub 10c.

Thoughts?

IMO DYOR