Recommencing operations ?, page-2

POO has surprised almost everyone now almost at USD50/bbl
BP Chairman now saying USD60-65 is achievable by year end.

BLUE SPRUCE FIELD ONLY:
Blue Spruce field alone holds 1.28M recoverable bbls and development would see 500/bbls per day = approx. a 7 year life.
Chapman report last year values Blue Spruce at USD49M - lower oil prices now.
Based on USD45/bbl sale price and a cost of production of USD25/bbl I get around a USD15M valuation.

USD15M and the MC is only around AUD4M with no debt.

Note: I have changed my sentiment from hold to buy,

Spozzie