Its more about the market cap than SP. SP is the market cap divided by the number of shares on issue. So you could cross reference the potential gas reserves/resources EXR holds against a player with a similar amount of gas. Add or subtract some value based on some guesstimates around project viabilities which are in our favour as we arent stranded from any infrastructure and yiu should be able to get a good idea of where our SP should land on the outcome of some successes.
Otherwise, hype feeds these things in either direction and worldwide energy themes, news etc can kill momentum too.
For us, I'd say we are aiming for majority exports from Grandis but if those potentials have issues, we are also in a domestic market thats gone absolutely bonkers and is going to have a massive supply gap in 12-18 months. So we can sell, or our partners or whoever buys us can sell into that extremely undersupplied market at potentially the same prices.
In other words, success here with flow rates gives us a good premium above someone who may have 2TCF of gas in the middle of nowhere....things to consider. DYOR. I have zero business or financial skills. Im probably not even qualified to handle my own savings debit card.
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