info needed, page-23

re: spaceace - some calcs Ace,
EPE earn 50% of the production from the 2 wells they drill at yellowbank. Assume that the total in yellowbank is 5m barrels and that the current well is 1m barrels being one fifth of the total. EPE get 50% which is 500000 barrels. At say A$30 profit per barrel, this is worth $15m. After tax this is $11m across 56m shares, which is 20c per share. Allow for some discounted cashflow and you are probably at 15c per share for this well.
Assume the cash in bank is 14c per share plus the 15c above and you get 29c per share. Anything above that is blue sky at the moment!! That is why I say it is fully valued.