Good morning Tirekicker,

Your calculation and mine are about the same.

The main difference are on the projection of the output if we include gas production coming in with oil on JB#3.

Plus, since MEO plan to do more well(to surround HW#1 with wells), I added what JB#4 and JB#5 output of oil and gas are likely to deliver.

So assuming the total for MEO only is 500 bpd ( or ± 1,500 bpd for all JV partner), which seems to me realistic, I have a net earning(eps) of 0,0672. I have not taken in account the maintenance of the wells (2 or 3 days/month).

If you look at the columm of 500 and line of earning of 70% you will find the earning of 0,0672 $.

Now, if I extend further to include JB#2, which MEO has 55%, ii it unreakistic to add another 500 bpd for MEO only. If not, then go to the columm 1000 and down to line of 70% earning, you will find earning(EPS) of 0,1345$.

The next part of the spreadsheet refer of P/E ratio.

If one use P/E ratio of 10, it will give a SP of $1,34