A very quick calc of DLS value to beach
9.8m oil reserves 15 dollars per barrel 147m ( normally these reserves would be valued at 28-30)
4.2 3 p 5 dollars per barrel 21 m
Wetgas 15.9 x 7 BoE ( 7 as it has good condensate levels ) 111 m ( normally valued at 12-15 per BoE
3 p wet gas 15m boe 3 dollars per BoE 45m
Acreage and infrastructure ( 50m ) lets not forget beach had a crack at DLS many moons ago and was willing to pay more than 50 before the big finds in PEL 91
394 minus debt 0f 30m = 364 divided by 461 m shares on issue 79c per share.
The strategic value to BPT of acquiring the rest of PEL91 plus a lot of gas , and saving on the cost of the free carry is also worth noting so a bid around 75-85 c would be very reasonable. Beach would not be overpaying and in many ways cheaper to by reserves that are in production than exploring for them
DLS Price at posting:
52.0¢ Sentiment: Buy Disclosure: Held
