OK here are my "back of envelope" scratchings:As you say, the...

OK here are my "back of envelope" scratchings:

As you say, the Phase 2 production of 5 tpd He (if all sold) should yield US$100 million/annum (=AD$135 million.)

And the other 97% of Phase 2 production is LNG, which is, say 160 tpd (round figures).
We know 1 tonne of LNG contains 54 Giga Joules.
And we know that RLT are selling LNG for 120 Rand/GJ.
So 160 tpd x 54 x 120 = 1,036,800 Rand/day. (Let's say 1 million Rand/day for round figures.)
That's about AD$97,000/day, or AD$35 million/annum.

So the total sales of all Phase 2 gases = 135 + 35 = AD$170 million/annum.
There are currently 124 million SOI. (That will increase but let's call it 125 it for now.)
So EPS = 170/125 = AD$1.36.
Using a PER of, say 12 (pretty conservative?) gives a SP of AD$16.32.

So that's about 10 x where we are now.
I know there's quite a while until Phase 2 comes on stream but I fail to see how there can't be upside from here.

Cheers,
FHC