pym potential

Hi Guys,
I have been looking at the potential of PYM and if they hit the production numbers that they have stated in the initial flow tests, then I can see very large upside and cannot understand why SP is so low. I have put my workings below and would like feedback.

From the July half yearly report – page 6 (net to Pryme) = 25,207 BoE (for the 6 mths)

This means a daily BoE = 25207/(365/2) = 138 BoE / day
This means revenue of approx. 13,800 (with Oil at $100).
“I used 100 as it keeps numbers simple and is close.”

Now with initial flow testing of Deshotels 13H -1,167bpd of oil and 600mcf/d of natural gas (30% NRI). I have calculated the following daily rate of BoE

(600/6.1) + 1,167 @ 30% = 379.5 BoE
Again using ($100) –additional revenue is $37,950 day.

So total annual revenue = (13,800 + 37,950) x365 = $18.8 M

Looking at costs in the July Report this is approx. $3M.

Yearly costs~ $6M , - this can vary, but its all I have to use at the moment.

Current Market Cap = $19.5M.

Therefore, if production matches the flows, the SP should be multiples of current?

My valuation on near term (< 6 months) SP is:

EBIT/share = (12.8/260) = 4.9c
Say profit is 60% of EBIT = 2.95c
P/E of 10 = 29.5c per share.

This does not factor in any upside on additional wells.

Am I missing something/ does my arithmetic add up?