@FoundWanting
The problem with this formula is we can't accurately determine the value of the 2P reserves for each company. Assuming $10 per GJ would overestimate it. May be we can use the recent acquisitions per GJ as a guide, as @stumpytrunks pointed out. Assuming $1 per GJ of 2P reserves would be conservative given the recent increases in gas prices.
Research reports use $/GJ. They also add 2C and use EV/(2P+2C) because many companies don't have reserves. An example:
@FoundWantingThe problem with this formula is we can't...
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