Hi Wayne
I had an expert analyst of reservoir economics go through the DeGolyer&MacNaughton reserves report filed on the SEDAR system (you only get it if you specifically search 51-101 filing for DWOG, just clicking on their filings doesn't get you the reservoir economics), including all the tables and assumptions, evaluating DWOG's share of the reservoir.
So after the farmout to Maurel and Prom, and using conservative (high) cost estimates, DeGolyer says that on the portion of DWOG it evaluated (less than half their acreage), Deep Well will earn $5.5 billion net revenue after paying for capital costs, production costs, and extraction costs. And that's on less than half the reservoir (he says your 37 per cent might be a bit arguable because you have to look at the risk factors affecting yield on different sections; he lost me with the explanation, but says there's a technical reason why it's safer to say less than half the reservoir).
Good reason to be patient!
