Darcy, while I do not disagree with you that flowing barrel valuation involves also the RLI, it is worthy to note that the 2P reserves to which you refer do not include the discoveries made in L53 in 2012 and perhaps in this well.


RLI of 10 years is quite the norm and one might speculate with some strength that the updated 2P reserves for L53 will be much higher than 5 mmb.


I view your estimates as rock bottom, assuming nothing is  or has been discovered in L53.