Striebs
i and many analysts place zero value on the shale . The way I currently value DLS is 25 for 2 p oil reserves ( including condensate ) and 10 for gas . I currently assume 5 m of the wet gas reserves are condensate thus taking oil 2 p to about 14m and gas about 14
so I get 310 for the oil and 140 for the gas
That takes as to 450 m
I then place a value of 50m from the last PEl 91 discovery not in reserves and the Bauer upgrade ( eg 2 m barrels )
then I value the rest of the business at 100m which is very conservative given the wet gas upside
so I get a value of 600m
All reserves aren't equal and the fact that a large proportion of DLS reserves have already had development capex and facilities already completed these reserves are a lot more valueable than 2 p reserves not deceloped or producing
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