YaThanks for that. I was trying to get a rough stab at it,...

Ya

Thanks for that. I was trying to get a rough stab at it, coming from a different direction as DavyBoy has done.

CNE quote a 10% return breakeven at FID,oil price: <US$35/bbl, including $12-$15/bbl costs using the FPSO. So I expected, using a $US45 per barrel cost would almost account for the 30% tax, and the front end loading of capital would be included in CNEs <US$35/bbl 10% return breakeven price.

15 years at 100,000 barrels per day production, equates to 550 mmbbls. So I think the 38 cents is getting close at $US85 per barrel Brent (but a little high - see below).

I prefer to use CNEs quoted NPV per barrel of $US18.5 @ $US90 oil, and $US12.5 @ $US70, say $US17 @ $US85  Brent ie((17*560000000*0.137/0.73)/5462000000) which equates to 33 cents per share using CNEs 560 mmbbl 2C recoverable, or 37 cents using FARs 640 mmbbl 2C recoverable.

So FAR's value is somewhere between 33 to 37 cents just for SNE @ $US85  Brent.

So as Ya is politely saying DYOR.

Ya appreciate your considered feedback.