here's some very interesting info, page-55

since your pleasant post got moderated as i was replying:

the term property was used in reference to MAE's projects (properties / projects / tenements / licences etc all having pretty much the same meaning, especially in a thread about an on-shore gas producer)

re figures, the market cap based on 429m shares on issue and 5.3c price is $22.7m

but i've since seen where i went wrong, MAE's debt is approx AU$45, so the implied market value (unencumbered) of MAE's assets (being its properties, projects, licences, reserves, management, future prospects) is only about $68m