Posted this in the past. The WGO takeover price implied a $1.98/GJ valuation on 2P+2C reserves and resources.
Comet Ridge total 2P+2C = 406PJs
Using the WGO T/O metrics this would workout as below:
406x1.98 = $804m = COI Valuation $804m / 1.104B shares on issue
COI Valuation = 73c/share
This may seem like a stretched valuation however we mustn't forget the East Coast supply/demand dynamics are abnormal at the moment to say the least. I was reminding myself last night as Auto says, an acquirer will likely pay an abnormal price (a premium to historical takeovers on the East Coast) to make Comet its own.
An acquirer also has the potential to appraise Comet's other assets and create further value for itself this way, similar to what WGO's tenements offered.. What's that worth?
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