Reserves are a third party calculation and as such are very conservative - I see no reason to doubt their veracity.
When Oilex moves from exploration drilling to production drilling (for example continuous drilling for 18 months), the cost of the wells well drop substantially (especially if the oil price is still depressed) I think oilex's portion at 45% could be around US$4 million a well.
The potential - my view, page-3
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