valuation attempt

What I know about the oil industry is pretty dangerous.

Anyone have any comments on how to put a value to this company?

This is my clumsy attempt...


The potential oil reserve at eastern bush well #1 is put at 253mil barrels

So if they are lucky and they achieve that, then we have the following:
Current oil price:- $65USD (Give or take a few dollars ;)
Current exchange rate:- 0.82 (Give or take a few points ;)
Oil price in AUD: $79.27
Potential Inground Value(IGV) of reserve:- $20 Billion!(Yip not million BILLION)
They have a 50% stake in this project, so their share would be say $10Billion

This a dual listed company (NZ), so shares/oppies on issue are:
Aus: 100mil
NZ: 75mil
Oppies: 30mil
In all,fully diluted, there are/will be 205million shares

So crudely put, the IGV per share would be:
$10billion /205million = $48.57ps

Now lets divide that by 10 to come to a fair valuation before development costs etc:
$48.57/10 = $4.85ps

So if, the big IF, they do strike it, there is a potential for a 20 bagger here!!!!

Please note this was just a quick put together comment, so any input would be much appreciated...
It all looks good to me, with the obvious high risk attached when drilling for oil!