how much for 50% of block 31?

How much is 50% of Block 31 worth?
How much for:
50% of J50?
50% of 80M prospective recoverable resources?

Do some sums on what the above is worth.

This is my valuation:

J50: Total asset value of a conservative 4X EBIT or 4*(360 BOPD*$40 net*350 days allowing for downtime) = $20M.
50% is therefore worth circa $10M. We'll be conservative and use AUD instead of $US.

That's the starting point. Assume it will take 4 wells to extract the oil out of the reservoir J50 produces from and that reservoir holds 8.6M barrels of oil (Synergy assessment). J50's share is therefore circa 25% of 8.6M barrels or 2M barrels of oil. That leaves us to value the remaining 78M barrels of recoverable oil on Block 31. What if we value that oil in the ground at 50c per barrel. That's right...50c. That gives $39M for 100% or circa $19M for the 50% farm-in share.

Total valuation for 50% of Block 31: $29M based on an in situ oil price of 50c per barrel. Just my back of envelope thoughts.