160m of net coal, page-49

Capman,

Firstly 35-70 TCFG or 35000-70000Pj is not 2P reserves its the upper end of the spectrum. As a thumbrule, use the scenario of less then 5-10% of those figures, compare them with their peers in the industry & then put a dollar value.

Secondly, there is no valuation benchmark in Oz CSG sector & most companies want what 2b valued like the STO-Petronas deal (atleast thats what folks at Origin think).

Here's a comparison of known 2P reserves,

Origin: 4715 PJ, target price BG/Origin: $1.51/GJ (ongoing)

QGC: 1317 PJ, BG/QGC: $1.58/GJ (in Feb'08)

STO: 1035 PJ (after 538 PJ sale to petronas) $4.91/GJ (May08)

AOE: 791 PJ, Shell/AOE: $2.72/GJ (Jun'08)


(Note: 1PJ = 1,000,000GJ or 1000TJ or 943 mmcf)

There are others like BUL, LNC I havent looked at.

cheers