Ann: Acquisition of HRL to Create New UK North Sea Gas Company, page-55

On the day before the trading halt ANA was valued at AUD $ 12.7 Million (MM), and for the brief time trading was open on the day it halted it was valued at $18.6 MM, with ~$2.1 MM cash/cash equivalents on hand.
STOCK PPS Valuation (in MM)
508,772,127 * .025 = $12.7
508,772,127 * .036 = $18.3

When it opens again for trading, ANA will have about $8.6 MM in cash and an extra 1.3 Billion Shares issued to cover the CR and HRL purchase.
(Note the effect of the dilution)

STOCK PPS Valuation (in MM)
1,808,772,127 * .025 = $45.2
1,808,772,127 * .036 = $65.1
1,808,772,127 * .050 = $90.4
1,808,772,127 * .070 = $126.6
1,808,772,127 * .080 = $144.7
1,808,772,127 * .090 = $162.8
1,808,772,127 * .100 = $180.9
1,808,772,127 * .120 = $217.0
1,808,772,127 * .150 = $271.3

So how much is it worth now with only 2C reserves and not 2P, or, probably more importantly, how much would someone else pay to take ANA over?
From their presentation:
217 BCF of Natural Gas in Phase 1 times (price per unit of Gas LESS COGS per unit), for first gas flow 3.5 years from now, flowing at about 20mmboe/day so it will take years to get the total amount, less NPV of say 5%, discounted by Commercial Chance of Success, discounted by the added CR/dilution in May 2022 and CR again prior to production?