Ann: Canadian Corporate Financial Advisor Appointed, page-11

I hope @sucker is right and we've turned the corner.

So here we are at AUD$34M .... so about CAD$30M. Is there a "peer" of that size to compare to? I think so.

There is a Montney pure play called Chinook Energy (TSX:CKE) with current MC = CAD$29M with minimal debt ($3M) ... they are in the neighborhood for CE1. I don't hold them but they make for an interesting comparison. On the surface I'd say our acreage is superior to theirs!! They produce at about 3,000 boepd .. which values them at ~$10,000/boepd (or less if you attribute value to undeveloped acres).

https://chinookenergyinc.com/wp-content/uploads/2019/05/2019-AGM-WV-Final-2.0.pdf
you can see how close to us on slide 7
you can see what they expect for reserves/economics on slide 8
and summarised



They've invested capital to drill 13 Hz and 2 vertical test wells .. so a little more advanced than CE1

Their Reserves and Net Asset Value are summarised as:


The PDP BT NPV 10 is the most important number .... $27.143M

Note the value given by CKE to undeveloped acreage $26.13M (calc as $337/acre x 77,485 net undeveloped acres)

And therein lies the problem(s) IMO.