Sadgrove
I just referenced off the Euroz rpt on OEL's website dated 27-01-09
Galoc NPV $53mil based on 4.5mbo net to OEL or 18.28% of gross 24.6mbo 2P reserves.
Average oil price USD60/brl, av FX 0.78.
Thats around 5cps once the new shares are issued.
Should also note that the raising does not cover USD8mil debt facility. Paying that off will come from Galoc cashflow.
That said, nearness of drilling for Italy/Argentina justifies some exploration premium in the sp.
good buy at 2-3c? , page-38
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