That's hindsight Auto, although I agree, DLS not at least...

That's hindsight Auto, although I agree, DLS not at least putting currency protection on it was a very costly mistake. Especially when the dollar was so high. That being said, the debt is costing DLS very little considering that DLS has the same amount in cash.

Going by your calcs, DLS has currently 9.5mmbo of oil 2P = 142.5
And wet gas which I am going to use $10 a barrel, 18.8mmbo eq = 188
Total - 330.5.

Now they are last years reserves, which will be updated in about a weeks time... We already know from BPT, that the western flank will add more than the entire years production plus more, so at a guess, DLS should be able to add approx 2mmbo to its oil. Not sure about the wet gas, which is frustrating, as DLS has had 7/8 successful wet gas fields discovered in FY15 (30/42 successful wells in the entire year, which is unbelievably successful)

The hedge alone right now is worth approx AUD $34 million. Then DLS has approx $60-100 million in free carrys from STO and BPT this year. Anyway, DLS is the lowest cost producer in the Cooper basin, so either all oils are not equal.

The price of oil is have a decent bounce right now, so DLS will probably end up around $0.65 tomorrow.

Good luck either way Auto, I would be interested if you do find other oilers that offer better upside/downside etc.