SEA Value Proposition, page-4

2P Reserves: 170.7 mmboe
NPV at 10% of US$936.6m or A$1.2 billion, based on WTI oil price US$59/bl in 2018 then gradually reducing to US$51.67/bl 2023 & thereafter.

Currently oil price is at USD$70/bl, this will lift valuation substantially.
SEA is to produce 21,000-22,000 Boe/d in 2019 which, at a $56 per barrel West Texas Intermediate oil price, generates approximately US$250 million in EBITDA.

A reasonably modest US$5 change in the price of crude will move Morgans’ valuation by a very significant circa 6 cents per share.