I think that’s about right. The rule of thumb is around $2 per...

I think that’s about right. The rule of thumb is around $2 per barrel which would be incremental to the current share price, which is trading at a discount to cash.

So 183m (p90) * $2 per barrel = $360m or ~ $3.60 per share plus cash which is anywhere between $1.40 and $2.10 per share depending on how you want to treat the contingent receivable from the Woodside sale.

So at a P90 success that would equate to $5.00 - $5.70 per share. The capital return would have been done by then so the cash backing will be $0.80 lower, so $4.20 - $4.90 post capital return.

The upside above P90 is significant and of course so to is the downside on non discovery.

There is at least some comfort in that part of this drill is targeting oil that is a step out from the existing Sangomar discovery.