For what it is worth, my spreadsheets post Arwon duster and...

For what it is worth, my spreadsheets post Arwon duster and updated with recent quarterly suggest a production target of just under 900,000 barrels for this financial year.
This assumes nothing from Beeville,Jezabeel or any others early next year, minimal weather impact, no jet pump on Harpoono, no pipe into Worrior, Derrilyn starting this month at 16,000 barrels STU share per month, RSW at 8,000 barrels STU share per month, with Worrior and Acrasia as per company guidance and a 20% decline curve.
Allowing for the first quarters figures and the balance of the hedge position, suggests pretax earnings of A$17million (including the cost of the Arwon drilling and using A$65 oil), or around 19 cents per share after tax . That equates to a PE of just under 5 times at the current SP.(The cost of the new exploration wells has not been deducted as yet!)
Production for 2005/6 should be just over 900,000 barrels assuming no new discoveries.
Out of interest, the reserve position of 3.2mmbls at A$18 per barrel equates to $57.6m, or 93 cents a share.
Looks like the market has the price at fair value on what is known!
Cheers,TAS