OBL Conservative Valuation 6c and 12c, page-6

I agree that the Laurel is pretty much all OBL has. The Gippsland assets are only worth a couple of hundred thousand and Cyrano about half a million. If they ever get a deep drill in the Backreef area that may prove worth something.
Buru on the other hand estimate the Ungani trend to hold a prospective 3 BILLION barrels of which they risk at 10% chance of success to 300mmbbl, of which both Ungani and Ungani North proves likely to exist. They also have about another billion in non Ungani conventional targets (like the 25mmbbl coastal target they are supposedly drilling this year) and a prospective 4 BILLION in unconventional oil in the Goldwyer which they'll be drilling as well this year and has already drilled at Cyrene confirming oil.
So yeah, assigning all of Buru's current SP to the Laurel is wrong. Hell the SP fell 30% on ONE bad Ungani well and you guys want to pretend it's all unconventional. In terms of proving up, Buru have fracked and flowed from the Laurel. It shows it's not a purely theoretical resource like the Backreef area, and to a lesser extent, OBL's Laurel. I'm not in any way suggesting the Laurel is a "proven" viable economic resource. We won't know that for another two years.
I actually like that Buru's main areas are so far away from major civilisation. Significant amounts of Derby will likely be off limits for fracking because a lot of people actually live there, no one is going to be allowed to frack the coasts and there is a big bloody aquifier that they use for drinking water around it. Part of the reason Buru's fracking is pretty safe is it's very, very far away from town aquifiers and charge migration paths and even then it's going to be a fight to slap some sense into the nimby's. Not only that you'll be paying to use Buru's infrastructure should they keep it. OBL's location is a double edged sword.

I mean if OBL had Backreef "Deep" farmed out with two drills starting in the next month or so you guys would be screaming about it. Buru has Apache drilling two wells in a resource ten times as large (based on p50's), twice as shallow, and with cores already proving oil.