In the worst scenario, MEL could double in price and be just at...

In the worst scenario, MEL could double in price and be just at fair value (comparing to the likes of BOW) for its CSG reserves alone.

In the best scenario, MEL could have very large reserves of conventional gas. The company itself has put a 10% probability on 5 tcf OGIP, which would mean a SP of well over $10 (and therefore a risked present SP of over $1 for that possibility alone if MEL were just an exploration company with no reserves).

The truth is likely to be somewhere in between, which still means a SP several times what it is at present.