Interesting that this model produces 46 MMbbl (Nido share) when...

Interesting that this model produces 46 MMbbl (Nido share) when their share of Galoc reserves amounts to a little over 5 MMbbl. Even if you considered Yakal and Tindalo to be reserves, which they are decidedly not, they would only amount to a bit less than 4 MMbbl. Where did the new 41 MMbbl of oil come from?

It is no coincidnece than that this valuation is about 4x the current price given the NDO reserves are inflated by a factor of nine.

At best this model is based on a mistake in the common way that people do not understand the difference between a reserve and a resource. I would expect that a professional analyst and an oil specialist at that would know this fundamental fact. At worst we have an expat Australian analyst in HK away from the arm of ASIC posting an impressive looking but highly skewed DCF model for reasons that are unlikely to be of benefit to the average shareholder.

This sort of thing does nothing for me as a long term shareholder. It creates a false picture of the company and benefits short term holders or those that want to be rid of the stock. It untimately damages the reputation of the company and its underlying value.