the key is that operating cash flow over next 12 months even...

the key is that operating cash flow over next 12 months even under a reduced oil price environment likely to be 160-190m. Exploration likely to come in at lower end of 130m. They should be net cash at present and over course of the year I would guess next cash will grow to about 40m
The assets will produce a lot of gas and oil over the medium to LT and thus DLS will continue to grow, perhaps in a more conservative way.
it offcourse is also a likely candidate for a TO at these levels with 28m in 2p reserves, an acquirer could buy reserves at 15-20 per barrel and oil 3p reserves and resources and acreage for free.

I expect it to range trade in 80s for a while but long term I think they will come out stronger