Ann: BPT: Proposal to acquire Warrego Energy, page-38

'The $0.20 cash per share proposal values Warrego at $246 million'

This equates to $1.17 per GJ of 2P reserve ($1.05 per GJ excluding the cash WGO has). AWE was sold at $1.2 GJ of 2P reserve. So, 20c per share is close to what AWE got in terms of $ per GJ.

However, there has been appreciation of the gas price. Assuming the monetary value is up 50% (see STX's chart below), we need $1.8 per GJ, so 30c per share would be fair IMO assuming the quality of the asset is the same as AWE's.