The October GMP Securities broker note for AUT has just been released for general view. The wet gas wells are valued (conservatively) at $13.4m (NPV10) each assuming 80 acre spacings (and ignoring the Austin Chalk reservoir overlaying the shale). STX has an attributable inventory of 100 wells on that basis. If they are of the same quality as the Sugarloaf/Longhorn wells, that would be $3/share. WTI has increased in price significantly since that valuation was made.
Ann: Chairmans Address and AGM Presentation , page-8
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