Based on the sale of ESG I've priced some of our resources, using a discount rate of 40% (Ironbark sale value) to account for the fall in gas prices as well as a risk discount of 80%. ESG's resources were sold at $592,105 per PJ for a booking of 1520PJs. Therefore I've priced the resources as follows.
GGP 2P = $1.74
Kumbarilla 2P = $0.35
A 500PJ booking as expected at GGP and Kumbarilla would be worth $0.35 each using this valuation.
Ann: Kumbarilla Drilling Update, page-9
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