And that estimate is somewhat conservative as the LKO for the...

And that estimate is somewhat conservative as the LKO for the lower formations had to stay at the old mark due to not seeing oil much lower at the latest drill. The likelihood favours a further upgrade when more drilling performed into the lower formations. Also not that though Wardie was not seen as commercial at the site of the recent well there may be good commercial reserves in areas of Wardie that have a better reservoir - and at worst that some of the oil from Wardie that may not be easily directly recovered may move into W. Seahorse once production starts and add to potential recoverable reserves.
Given the shallow water and proximity to shore the in-ground value should be in the region of $200m based on BPTs recent sale of deeper reserves - compared with the current MC of $25m that looks pretty good!

Will likely hit around a dollar as production nears providing there is not too much more dilution - even if other exploration doesn't upgrade TDO.