Ann: SM 71 Reserves Update, page-10

Well, I confess to being no expert in this field, but I have just - on the proverbial back-of-the-envelope - calculated the value of the SM71 field alone to BYE. To spare you the pain, I work it out to be about 56c/share based on 1P+2P.

To this you would need to add in the value (discounted of course until proven by drilling results later this year or early next) of the Biv Peak / Eugene Island / SM74 / VR232 fields.

One can therefore only conclude that todays closing of 36.5c still represents outstanding value, even if all of these fields turn out to be duds (most unlikely).

Another way of looking at this is that at current production rates (about 4000 bbl/day, of which half is net to Byron) the 6.6mbbl of P1+P2 will take just over 9 years to extract. So that's about USD$3m /month for the next 9 years. Less if they invest in more rigs/platforms.

Easy money.