Not sure if this is what you mean @Grfe4But @VOGC didn’t use the...

Not sure if this is what you mean @Grfe4

But @VOGC didn’t use the unit of energy released by burning a barrel of oil to convert the gas resource from mmscf into BOE to determine the equivalent oil column height. It was based working out the resource size for each case using first principles and then assigning an in-ground gas value ($/mmscf) and oil value ($/bbl) respectively.

In terms of volume and recoverable resources, these calcs were done last year based on the original Mobil area of closure at the Upper Angwa level and key parameters which look overly conservative based on what we know now. Although shares on issue need to be updated as well following the capital raise.

If you work through the two separate valuation spreadsheets which were in the first post by VOGC which was linked in Nergel’s post, you should be able to follow the methodology.

@blueballs - My valuation is much more simplistic and slightly more conservative. I’m just using 72% net to IVZ (after govt back-in) and working on the prospective recoverable resources for gas reported by IVZ with the exception that for the liquids content I’m using the average of 83bbls/mmscf. And then using A$2/bbl for oil/condensate and A$200m/TCF for dry gas (in-ground value following wireline logs only). Still gives $1.30 per share with success in only the Upper Angwa and Lower Angwa. Successful flow test next year could add 25%-50% to that imo. And an early lowball takeover value should be double that.