"Projecting around the $126K mark for EV/BOEPD multiple."
Which would be around 4 times what projects seem to sell for in the EFS , or around 35K for EV/BOEPD however you do not seem to be looking at the longer term when production rates ramp up. Also by totally ascribing all value to AKK as being from Birch you do not seem to be placing any value on their interests in other States.