my revised target share price

In light of the incredibly steep decline rates evident on what I call 'non-Gulf South' wells, I have revised my target share price down.
The company has drilled a huge number of wells which (in my opinion) are now proving to be uneconomic. In the prospectus the company forecast that it would be cash flow positive from IPO funds and yet it has raised another 50m and the declines on wells as a whole show that 'fairway' is uneconomic. They should have been CF positive long ago.
My opinion on reserves is well known so I won't repeat it.
Barring luck on the no-impact program I see cash burn accelerating on increased drilling activity over the next year to 10m a quarter. In a year they'll nearly be out of cash and will resort to debt to drill more uneconomic so-called Reserves.
In absence of success on high / no impact the share price will continue to get smashed and they will be locked out of equity markets.
2 year target SP 15c based on (generous) valuation of around 70m (NPV of legacy wells in 24 months which will each be flowing at about 1bopd at that point, if flowing at all, value of rigs and value of the corporate shell).