its good but, page-4

Look.. I probably shouldn't have ventured a figure because it's far too early to know all the variables to discount by... The NPV has to be pretty aggressive too because they mentioned wells that produce for decades... then again the dollar is currently trading well above historical averages as well.. and really.. they're developing to sell.. not to work the full field for 50 years.
So all you can really say is that right now 80% of 500bcf at $11.8Mcf is worth AU $4.72B with 97M equity on issue inc options thats $48.30 per share - $76 if the oppies expire out of the money. You've just got to apply whatever discounts you want to those figures to get something closer to reality but it'll still be a guess at this early stage.
PS. I'm using an old spreadsheet as I'm away on biz and my laptop xls's aren't up to date (AT ALL) so do the maths for yourself and don't rely on mine either.. maybe it's the insane gas prices in the US compared to the Valentine spreadsheet i just altered to do the sums that makes it seem like one of my cells are out or badly referenced heheh.