Coal seam gas exploration is really hard to put a figure on...

Coal seam gas exploration is really hard to put a figure on until such a time arises that there is a buyer for the resource then the price can adjust to the successful or even unsuccessful bid in some circumstances. The price action on the QLD project was not reflective of success or potential along the journey frustrating investors and really only appreciated at the finish line. EXR has been a similar story. There really are very few parallels between conventional exploration and unconventional. I think in large this is due to the market not being as informed about the process as it is with conventional plays and most investors not having the patience for such a long horizon.

It would be best case scenario IMO to get an unsuccesful bid for the resource early and reject it to put a much higher floor on the price... Or sell our 33% and invest it into the basin and being a serious producer at home with exports opening up due to the current energy crisis that is playing out.