$250/share might be a bit high.
Mr. Bendall himself uses $5/barrel which he has described as the going price of 'in the ground' reserves in Australia.
Using the $5, he has $2.3B in value for Bellevue/Thunderbolt, and $3.3B for all of the locations. With almost 500M shares now outstanding as a result of the recent RO, that translates to $5 - $7 per share, once the reserves are confirmed.
This number could go higher if oil price goes much higher (certainly possible, if one believes the peak oil folks), or lower (if a percent of margin has to be given up in return for financing).
And yes, such valuation would be a significant enhancement over today's value!! Indeed, I would expect stock price to double when there is money available to drill -- again assuming a reasonable 'cost' of that money.
