I would add, worse case still involves $350M earning 8%pa ($28M...

I would add, worse case still involves $350M earning 8%pa ($28M pa) and paying out conv notes 2 years from now and also funding 40% of future production. Compared to current market cap of $330M+/-

Best case, $300M earning 8%; Special dividend 30cps; Current Puffin wells repaired with total output of say 25,000 barrells per day hedged at US$110m, with reducing costs by using SINOPEC contractors; Say 9M barrels pa @ $80 per barrell = $720M x 40% = $288M; $80M committed over next year (40% of JV) for a total of $200M in new exploration money for new wells to be brought online; Foreign currency properly hedged; SINOPEC using AED to further exploit Australian exloration opportunities.

Compare for yourself