am i right?

My understanding of the gas component in PNG is as follows.
Informal estimated reserves - 1.20TCF & 20-30 million barrels of condensate.
Again assuming PNG pipeline proceeds.

Model for gas only

For this scenerio I have used $1.00 per thousand cubic feet (1MCF) for a recoverable in-ground resource valuation (right or wrong but for this exercise it won't matter too much) if anyone knows a more appropriate number could you please advise.

Total estimated resource 1,200,000,000,000/1000
Total estimated value of resource $1,200,000,000
Assume 50% recoverable (conservative) - $600,000,000
CVN share (15%) - $90,000,000
CVN shares on issue approx. 350,000,000 (fully diluted)
Value on a per share basis...25 cents

And even when money has to be raised (which could dilute us by 100%) - 12.5 cents still isn't too shabby.