Seems everyone is in agreement on the present value bit, question is, how do we get there.

Here are a few definitions from Schäfer which might help shed some light:
Abzinsen - to discount
Abzinsung f
(Fin) discounting
– discounting process
(ie, Verfahren der Zinseszinsrechnung: Errechnung des Barwertes aus gegebenem Endbetrag mit Hilfe des Abzinsungsfaktors, qv; syn, Diskontierung; opp, Aufzinsung)
Barwert m
(Fin) present . . . value/worth
(ie, Zeitwert x Abzinsungsfaktor; Wert e–s od mehrerer künftiger Kapitalbeträge im Bezugszeitpunkt; current worth of a certain sum of money due on a specified future date after taking interest into consideration; syn, Gegenwartswert)
(Fin) cash value (eg, of lease that has seven years to run)
[Schäfer, Hyperbook Wirtschaftsenglisch]


And a few examples which I hope will also be of help:
One area in which the industry’s volatile pricing cycles have a dramatic effect is on the estimated present value of Swift’s proved oil and gas reserves, which must be based on year-end product prices according to the U.S. Securities and Exchange Commission’s regulations. At year-end 2000, natural gas prices were $9.86 per Mcf and oil prices were $24.62 per barrel, which are higher than what is likely to be received in 2001. Based on these prices, Swift’s present value of its proved reserves, discounted at 10% per year, were $94.00 per share at year-end 2000, up 247% from $27.09 per share at year-end 1999. When this estimate is calculated using average prices received in 2000 (as opposed to year-end prices), the present value of proved reserves discounted at 10% would have been $45.72 per share.
www.swiftenergy.com/Sfy/Ann_rpts/00rpt/HTML/Ar00ab04.htm

As previously announced on February 27, 2001, Prize's total proved oil and gas reserves at December 31, 2000 were 98.8 million barrels of oil equivalent with a pre-tax net present value discounted at 10 percent of $1.7 billion. Assuming oil and gas prices at year end 2000 were at more moderate levels, such as a NYMEX oil price of $25.00 per barrel and NYMEX gas price of $5.00 per thousand cubic feet, Prize's total proved oil and gas reserves would have been 96.3 million barrels of oil equivalent with a pre-tax net present value discounted at 10 percent of $922.0 million.
In addition, the newly acquired Apache properties under this alternative price case at year end would have added 12.5 million barrels of oil equivalent and $93.1 million of pre-tax net present value discounted at 10 percent.
In summary, proforma for the Apache acquisition at December 31, 2000, Prize's total proved reserves were 108.8 million barrels of oil equivalent with a pre-tax net present value discounted at 10 percent of $1.0 billion.
audioinvestor.pyxos.com/pages/category.cgi?Action=Get_Intro&Id=prz301

The present value before income tax, discounted at 10%, was
$909 million, compared to $782 million as of year-end 1997. The prices at year ...
www.crosstimbers.com/99-03.htm


Teton value is based on a present value discounted at 10%. ...
www.tetonpetroleum.com/profile.html

Present Value Examples 1. Present value of $7000 in 4 years time if discounted
at 10%/a. PV = 7000/(1+.10)4 = $4781. = $7000 x .6830 = $4781(from tables). ...
www-mech.eng.monash.edu.au/TEC3432/tec3432lecture9-11/tsld008.htm

Pre-tax Net Present Value Discounted at 10% US$98 million US$271 million ...
www.petrosourcecorp.com/news_ridge_res.htm

The company’s year-end reserve report estimates the Greens Canyon Field’s proven reserves are 19.9 BCFG net to Kestrel with a present value (discounted at 10%) of $25.7 million. In addition, the company’s independent reserve evaluators have estimated that there is additional probable net reserves in the Greens Canyon Field of 9 BCFG and a net present value (discounted at 10%) of $11.4 million. The combined total for proven and probable reserves is 28.9 BCFG and $37.1 million (net present value, discounted at 10%).
www.kestrelenergy.com/explor/explor.html

Thus I'd say that the present value is 1.5 mill Euros, discounted at 10%.

Hope this helps a bit.