Argonaut report, page-4

yep, exactly Surandy.
yep, I mean if Argonaut had based the Argonaut valuation on the updated higher Reserves figures recently announced, then the Argonaut valuation would have been higher.

the Sum of Parts uses a production figure based on the total gas reserves.
Thus higher reserves would give them a higher production and revenue figure, from which they would calculate their valuation.
(I noticed in one part they quote a daily production figure in PJ - when it should be TJ (a typo methinks)

so already the Argonaut val is outdated, and understated.

cheers