One point about the oil revenue calculation - there seems to be an error in the spreadsheet, you are calculating revenue only based on Mereenie production (42000 bbls) but you are calculating costs based on both Mereenie and Surprise production (72000 bbls).
I know you said it's not material to your valuation anyway, but you can take Surprise out of the equation - even if it goes back into production (which there is no sign of currently) it's not going to produce 60,000 bbls per year for the next three years, unless they drill more wells which seems highly unlikely.
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