Macqaurie says 30 cents, page-84

Good to see you on this.

Likewise!

I would normally put the boundary between light oil and condensate at about 48 API but of course it's a continuum so there's no exact number. Some say 45 and some say 50. I have dealt with oils before that are 45 API and they are definitely oils, this may be something to do with the fact they were terrestrial Australian oils which are lighter than most.

So I'd be leaning towards light oil rather than condensate but it's an interesting point and if your friend is correct and the fluid behaves as a gas in the reservoir then yeah I agree, this sort of permeability is plenty good enough. But that depends on bubble points and dew points and retrograde condensation and other such arcane arts of the Petroleum Engineer that I'm not fully abreast of, even if I knew the PVT conditions of the reservoir.

For light oil, condensate, low development costs, exceptionally high drainage rates (so your oil is coming out fast, low discount factor) or high recoveries I sometimes use $15-20/bbl NPV in my calculations (Cooper onshore is a good example) but usually I don't. If this does indeed turn out to be condensate then I'd be happy with a higher valuation, but if it's light oil I probably wouldn't go more than $10 due to aforementioned probable low perm. But I'm not an expert in petroleum economics by any means, that's what commercial teams are for, right?!

I will be watching closely anyway.