"We think there is potential for the Nash Dome, Boling Dome, and...

"We think there is potential for the Nash Dome, Boling Dome, and Blue Ridge Dome fields to produce at higher average rates than currently assumed, based on the potential targets MAD has announced. Based on other Texas fields, potential production from the Vicksburg formation can be hundreds of bopd, salt dome overhang wells can be thousands of bopd, Edwards Reef wells can be multi-hundred bopd or more and outer band wells and Nash Dome wells, which MAD has announced have record producing zones, may be higher than current wells in Blue Ridge; there is additional potential from Foothold leases."

"While we see the potential for an increased valuation based on our analysis, we will hold our target price at A$1.23/ps until we get further news from MAD, including anticipated production and drilling timing, and new reserves. Unrisked, our current valuation would be
A$3.35/ps"