Ann: Risco increased Offer, page-7

I typed in the wrong box...

Tap Oil’s 30% interest in the producing Manora Oil Field generated more than US$42million in revenue (net to Tap Oil) and approximately US$22 million in net operating cash flow (net to Tap Oil) during the 12 months to 31 March 2018. The average price received for Manora crude oil during that period was approximately US$55 per barrel. Considering recent improvements in oil prices, Tap Oil expects to generate improved operating cash flow whilst these conditions persist.

With A$30m net operating cash flow, expected to improve, and A$20m in cash holdings with no debt, how did BDO value this at ~A$40m?