You generally only make about $40 per barrel profit for oil. That is you sell it for $70odd and have $30odd of expenses. Varies for regions.
So if its worth about $40 out of the ground, how could it be worth anywhere near that in the ground? You still have risks like recovery rate and actual resrves versus predicted reserves.
Put it this way, if you bought an asset for $40/barrel inground and then spent $30 getting it out, you would make anything for your effort.
Their are many discounted models used for valuing inground reserves. Each with slightly different end result. IMO I would value it at about $15.
Having said that, their are many listed companies that would have a current derived inground value closer to $5...Food for thought. DYOR
ITC Price at posting:
5.2¢ Sentiment: Hold Disclosure: Not Held