Look at it this way. If Coron North is drilled this year and proves up a 120m oil column the rig would likely go to a nearby mapped lead and drill that. I believe that is what the '$70m' drill comment of Whitbys is all about.
Now if each proves up 100mmboe at 60% and an IGV of USD20/bbl this would give Nido a $2.4b 'reserve' value from two drills alone. Twelve times current market cap. No need for PEs , oil is scarce , finding it in 'large licks' is the key to SP success. Production is very much secondary.
Look at it this way. If Coron North is drilled this year and...
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