kingkhan, I'll not bother to read your post again as it's of no value to me.
Not sure if you're familiar with the Oil Search deal with Armstrong but it's the best case we have to attempt to apply value. I've attached the Oil Search presentation below, incase you have not read it.
After Armstrong had drilled 19 exploration wells (12 vertical + 7 sidetracks), the deal was done. The value of which depending on who's numbers you use,
"Acquisition cost to OSH of ~US$3.1/bbl based on OSH’s estimate of discovered resource or ~US$1.3/bbl based on Repsol’s estimate(1)"However, we do not know what we do not know. I'll stick with my guess though, you haven't done enough to persuade me.
Cheers
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