Interesting comment tbecker101. I was heavily involved in iron ore in the early to mid noughties. BG bought Queensland Gas for $3B based solely on 3P CSG reserves. Not 1P or 2P but 3P. A petroleum engineer will tell you 1P is the highest reserve certification (proven) whereas 3P is the lowest. QLD gas produced ZIP, ZIP, ZIP. $5.75/share takeover price valuing the company at $3B. Just wanted to illustrate a point.
bloated valuation, page-21
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