largest on shore discovery?, page-50

O'keefe,

Those figures r not proven yet, hence r classed under 'Best estimate unrisked prospective gross recoverable resource' category (ie 54000 bcf & 1 Bbbls).

U then multiply that by a CoS or Risk Factor (20-40%) & then BRU's net equity (ie 50%).

Most analysts apply a 50cents/GJ for gas & $5/bbl for condensate at this point for a general valuation, since its not a very high confidence estimate, hence 'Prospective'.

U then divide that by shares on issue, ie 299mil, to get a risked valuation.

Once a resource is confirmed later this year via sustainable flowrates (not depleting rates) & further appraisal drilling, it can b moved to Contingent (i.e. 1C, 2C) & then to 1P, 2P category.

Note that post fraccing once they run the gas thro a separator, they can record the condensate gas ratio, which can b valued later on.

Hope this helps.

PS: 6.5 Tcf is a more realistic figure, after 42% risk factor & 50% net to Buru.