Cuba Block 9 Valuation, page-17

What you have calculated is a risked calculation of the total revenue per share over the life of the permit's production and not a valuation per share.

One commonly used basis of valuation for an exploration company is to use the in ground value of a barrel of oil which you might expect to receive if MAY sold it's share of the permit to another oil company and multiplied by the barrels of oil that you have discovered. ATM around $6 per barrel is probably not far off the mark. That will give you a valuation for that permit which you have to divide by the number of shares on issue. It will be appreciably less than your calculation.

ANZ