I recognise this is a best case scenario, but I thought the...

I recognise this is a best case scenario, but I thought the numbers were pretty amazing. Am I making a mistake? Can someone verify my calcs?

Assumptions:
Monterey: 100mmbbls Oil
Stevens: 100mmbbls Oil
Etchegoin: 200Bcf Gas
Assuming no associated gas with the oil. (But with a GOR of 3,000cf per bbl this could be massive value)

Oil valued at: US$15/bbl (Justifiable in today's price climate)
Gas valued at: US$3/mcf

Equity stake: 37.5%

SPP completed
All options (including management options) converted

Valuation:
FPO price (fully diluted): A$2.17 - Return = 4,018%
ETO price: A$2.12 - Return = 6,625%

These are big numbers, but the upside is there. Management seems pretty confident with their original estimates.