If we go by the AWE/Mitsui transaction of 602mn for 410PJ 2P and...

If we go by the AWE/Mitsui transaction of 602mn for 410PJ 2P and 45PJ 2C, we can roughly estimate what they paid per 2P and 2C. By playing around with the unit value, the most reasonable allocation was 574mn for 2P (at 1.4 per PJ) and 28mn for 2C (at 0.62 per PJ).

As of today, STX has 393 PJ of 2P (339 WE/SE and 54 Walyering), 211 PJ of 2C (193 WE/SE and 18 Walyering), and 0.3mmbbls of condensate. By applying the above unit value and $20 per mmbbls for the condensate, we get 550mn for 2P, 131mn for 2C and 6mn for 2P condensate - implying that our enterprise value should be around 687mn. Given our cash position (post raising) is greater than outstanding debt, we can round the approx EV to 700mn.

Of course, this is simply a reflection of today's reserves numbers. I have little doubt it will increase substantially with further appraisals at SE, WE and Ocean Hill. This obviously doesn't include any value for Haber, which should be value accretive as we pass each major milestones (commercial offtake, pre-FEED, FID, etc).

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