Attempting to put an asset value on Echuca Shoals using some...

Attempting to put an asset value on Echuca Shoals using some deduction. I accept that my logic could be wrong, but its my guide...

At Crux AC/P43, Nexus consistently claimed in presentations that P43 had a “Gross Resource Potential” of 1.3TCF Gas and 45MMbls condensate.
BOE, we know that there is a factor, approximating energy value =6000cubic feet per 1 barrel of oil.
So 1300bcf gas is approximately equivalent to 216MMbls + 45MMbls = 261Mboe
AC/P43 NXS initially owned 50% = 130Mboe
NXS sold 35% of the permit (50 to 15%) to Shell and Mitsui for A$70million, and then the final 15% to Shell for about $30million;
So NXS received $100million for 130Mboe, represents around $0.77 per Boe; this is a rough guide!

Apply the above logic to Echuca.
NXS are currently suggesting 2TCF gas likely and the mid case for liquids in previous presentations was 135MMbl
Apply the BOE conversion factor; 2TCF approximates to 333Mboe add 135MMbl
100% Echuca = 468Mboe
NXS net 66% of Echuca = 308Mboe
Apply (the best guess resource in ground value) $0.77 per Boe.

Echuca WA-377-P may be worth A$237million.
25% may be worth $59million.
The next Echuca drill will be in the order of +$40million.

This upcoming Farmout has some large value potential for NXS. Quite obviously there is no value in the SP attributed to Echuca, so I would suggest a zero downside....

Good Luck...
SharpE
Importantly... DYOR!