sevencents77 in hotcopper gave out his assumption about the Enterprise Value based on his understanding of the oil reserve which shown in AEC presentation of E127 and E128: (wli: the number about the un-risked undiscovered original oil has been checked by reading ACE presentation on 19 Nov 2010. Thank him for his excellent and helpful assumption) *** Hi PeterN23, wli: use public information as base to get a honest but perhaps not right value calculation You asked for a response from the more knowledgeable, but Ill give it a go anyway. My estimates are based on a Ryder Scott report issued by PFC on the 19/11/2010 that is available to the wider market and no I am not privy to any inside knowledge or information. wli: Professional base for EV and his conservative EV calculation As far as Im aware Macqaurie use a $12 in ground valuation per barrel of oil and they would use P50 estimates which are 7.5Billion according to the ryder scott report p15. But firstly I will base my crude maths on only $1 per barrel and the P90 of 4.8Bb oil. (wli: P15 is higher assumption of the reserve than P90 but $1 would be very tough gound value too.) wli: EV range based on Professional and tough calculation 4.8 bil x 25%(BKP share) = 1.2Bb oil x $1 in ground value = $1.2 billion. Now using 10% risk adjustment gives us $120 million divided by BKP shares on issue = 6.8cps. So based on Macqaurie $12 in ground value you get 81cps Now using the same math on the P50 estimates in the ryder scott report of 7.5 Billion barrles at my very low conservative $1 in ground value you get 10.6 cps and using Macqaurie $12 value you get $1.27 per share. wli: Summery of the calculation So to sum up I used $1 in ground value which is absurdly low. Brokers use around $12. P90 @ $1 = 6.8cps P90 @ $12 = 81cps P50 @ $1 = 10.6cps P50 @ $12 = $1.27 per share. wli: sevencents77 wants to be honest Crazy numbers when you consider brokers use around the $12 in ground value. Disclaimer: Please do your own research and I am not a financial adviser or qualified to give any advice. The above figures are produced from estimates available in the PFC presentation material. *** Not to be scientific calculation The above is to open mind and get a roughly figure to judge and decide what I should do and share the information only. Share price and the EV could not be taken as the result of science calculation. It should be used as a reference point for your decision.