" For our peer group enterprise values per boe of 2P range from US$2.5/boe for Nigeria based Seplat to US$18.0/boe Tullow Oil." Here is the range from zenith reports Published in August page - 56. Both companies are based in Nigeria and this is the range 2.5 to18 /boe. Then why choosed 0.5 for zenith even why 3 for Tunisia where they can go UpTo 18 there. My range is 3/boe to 9/boe which is easily achievable for zenith. Which gives kr 2 to kr 6 valuation based on 2p reserve.