The Callawonga oil field started off with a single exploration well and 2P reserves of 1.0 million bbls and then with appraisal drilling 2P reserves are now 5-6 million bbls of oil.
Based on my calculations of (undiscounted) NPV of $34 million per 1.0 million bbls (see previous post on this thread), Callawonga is probably worth around $170-200 million (on an undiscounted basis). Unfortunately, this is not being factored into the current share price.
IMHO, there is a lot of upside yet for the Parsons oil field. It will probably be produced for a few months to get some reservoir pressures etc over a period of time and then hopefully they will start appraisal drilling next year.
Just a thought!
oil strike, page-19
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