Please check my maths.If Twin Lions has 300 mbls of oil in place...

Please check my maths.

If Twin Lions has 300 mbls of oil in place and POS of 49%, and say a 30% recovery factor. Then the fair value of the well should be nearly 20c to HDR. Same as Chinguetti!?!?.

i.e. 300m x 0.49 x 0.3 x 30% interest x US$3.5/barrel / 0.56 (exchange rate) / 424 million shares on issue = 19.5c.

Well let say this is built in the share price currently with minimal NPV discount in view of the closeness of the drilling. I expect HDR to fall by 40c if the well is dry....