SA1,
Interesting figures, but I can't see any consistency with actual valuations.
By your rationale, Hardman would have been valued at just over $50 million (USD I assume), as they had 105mmbo based on 3D+DHI. But Tullow valued Hardman at $1.1 Billion USD, and although analysts at the time suggested they may have paid towards the higher end of the market, nobody suggested the price was ludicrous.
Also inconsistent with ROC's market cap which is more than $15 bbl for 2P reserves.
Cheers,
MM
market value of far?, page-20
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