Ann: HY2015 Half-Year Results Presentation, page-21

When looking at the accounts of Drillsearch, I look at the operating cash flow and EBITDAX. Not at the NPAT line. The simplest way to estimate EBITDAX is to look at estimated oil production and multiply oil margin per barrel(netback). If cost is A$30 and realised oil price is A$90 per barrel then you could work out a yearly estimate of EBITDAX. Current oil production of 3m barrels is a very high number and not easy to replicate. More so in a company whose market cap is only $460m. The trick is to figure out the realisable value of all the assets other than PEL91.
If say it is $300m or above, then Drillsearch is very cheap at the current price.