My (novice) analysis:
2500 bopd at a "reduced rate".
Current Crude Oil price = US$63
Assume total cost to produce = US$15
Profit = US$48 per barrel
$48 x 2500 = US$120,000 per day
Assume 330 days production in a year (allow for downtime/maintenance etc)
$120 x 330 = US$39.6m annual profit
FX rate = 1.30
$39.6 x 1.3 = AUD$51.5m annual profit
BYE has 50% interest, so $26m or so profit for Byron
Market Capitalisation is 263m.. or 10x profit
Now if we assumed the "reduced rate" is unchoked and oil flows at say 3,000 bopd (conservative as F1/F2 initially flowed at 4,000). And then we add on F3 which is meant to be a bigger payload, of say 3,000 bopd.. as a combined rate of 6,000bopd, the same calculations above give AUD$123m profit, of which BYE gets $62m. At Market Cap of 263m, thats a PE ratio of just 4.3. This is before any future opportunities are drilled etc
Is it just me or is this a screaming BUY??
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