Current valuation: I agree that MEL's current valuation is at...

Current valuation:
I agree that MEL's current valuation is at least 5c based on current cashflow basis and resource.
MEL's net share of VALI gas is 25,200,000GJ and its share of ODIN gas is 9,300,000GJ, therefore MEL's total share of both gas 34,500,000GJ x $2/GJ for valuation = $69,000,000 = share price .065c

Future Valuations 2024:
Future valuations may change significantly to the upside if seismics later this year confirm more gas and oil prosects.
If Seismics show that Kinta is a big gas prospect with an oil component, IMO it will add to MEL's valuation and if drilling confirms it is, that will add even add more to its valuation. Possible add 10c to share-price with a discovery.
Also if Seismics show that there other numerous oil prospects, it will also be positive to its valuation and if drilling confirms that, it can also add a lot more to its valuation. Possible add another 10c or more to its share-price with a discovery, depending on the oil price.
If next year drilling confirms additional gas and oil discoveries, 12c may be on conservative side for MEL's share price.
Keep in mind that these areas were the seismics are to be carried out have not been properly explored and are very prospective and in a world class onshore exploration area, next door to other major gas and oil discoveries, also near existing oil and gas pipelines.

This is all speculative and my opinion only, and yes pie in the sky stuff but that is what the speculative side of the ASX is all about and MEL is a speculative oil and gas stock. As I said lots of potential blue sky for MEL's share price but minimal downside, with at least a 20 year cashflow.