Let's guess the US offering price., page-106

I would like to say drilling results matter, but I don't perceive much risk or impact.

The TBN to EEG results ratio will probably hold. Declining costs from either party will influence price.

I believe the number one thing that will start to turn these prices is revenue. I hate saying that, but the market is reticent to place money into non-return generating stocks. I get that perspective #reality!,
however if I compared TBN's 36 month outlook to a basket of VC Tech companies I could present the case to forget the tech investments.

The possible game changer could be the NYSE investors who recognize the timing of the opportunity.

From an investment standpoint we are in the pre-revenue phase, IMO the revenue risk is a big fat zero, timing is a factor. The play is when the value is recognized, I won't pick on ASX investors, it's been a long road and some concern is defensible though naive. My bet is NYSE investors will pick at this slowly until first gas sales, ASX will be somewhat behind.
Just how fast will NYSE investors go...depends. That's the valuation catalyst in my mind. Pace from either EEG or TBN accelerates the gamble.

In looking at Falcon, I'm convinced they need to move on a sale before things accelerate because they're standing naked in the outback and about to wrestle an angry aggressive water buffalo. So, there is that.

Big patient smart money accumulates TBN, traders have a different strategy. Baupost and David Siegel and hung around and accumulated respectively for good reasons.