From iii
From Lion's April 2010 Corp presentation: "Drilling is expected to commence in Puntland near the end of 2010."
Lion have 15% of Puntland, and on the basis of assumptions below they have estimated their potential upside as $900million for Nugaal and another $900 million for Dharoor. So for our 20% that makes $1.2 billion + $1.2 billion. Isn't that roughly $2 per share??? Frick!!
Assumptions for Upside: Exploration capital only (seismic and one well), unrisked net potential for 1st well (one reservoir) in each block using Net Oil
Best Estimates @ $2.00 bbl in the ground for reserves.
Gross Best In-Place Resource Estimate Summary
Block L/P Best LEO Net WI
Nugaal 12 12,405 MMbbl 15%
Dharoor 4 5,804 MMbbl 15%
1 Number of Leads or Prospects used for Best In-Place Resource Estimates.
2 51-101 Compliant Prospective Resources Report Gaffney Cline December, 2009
regards vsm
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