using a gap to accumulate, page-14

Thanks for pointing that out. I wasn't aware of a dollar value being quoted for Artemis. Apologies Bello, now I get it why u've used 50c early on.

Tollhurst haven't come up with a report yet, so I've used a fundamental rational & so 10c/mcf as In Ground Value of gas, is a very conservative figure.

As u've pointed out rightly, in their preso, MEO have used US$ 0.50/mcf (or A$0.71) as a value & perhaps a higher risked value.

So 7.6 Tcf * 71c = A$5.4b @ 20% success rate, gives a value of A$1.08 billion or A$2.58/sh.

IMO, they seem to have valued Artemis on a 100% interest basis & not 70% net interest. 80% is the recovery factor which is fine. Once farm-out process is complete, MEO's 70% should reduce to 20-30%.

I'd b tempted to think Chevron, considering Woodside were talking to Apache last month, for exclusively buying gas from Julimar & Brunello fields in WA-356P. Apache own 65% of the acreage which is to the South West of WPL's Pluto.
While MEO's block is to the East of Wheatstone.

All these 3 players, Apache, Chv, WPL have their gas processing (or proposed) facilities at Varanus, Onslow & Karratha, which puts MEO in a very interesting position.

Will b interesting to see how the farm-out goes.