Interesting that Noble Energy has just moved into two Texan shale fields (including our Permian) by acquiring Rosetta Resources for $2.1b. Noble obtained 100,000 net acres and 66,000 boe per day in the acquisition, inferring metrics of $21K per acre or $32K per boe/day produced.
Based on current BOE equivalent production (125boe), that values PYM at 1.1c per share (at current oil prices). This does not include any production from wells 4 and 5, or ascribe any value or premium to future development.
Edit - the acquisition also includes Rosetta's net debt of $1.8 billion. This will have reduced the consideration, and therefore the metrics. So a bit of conservatism in there given we have no debt.
