From the patersons research note into CTP that came out today. AJQ is in there as an emerging Australian Shale co.
On page 4, there is a graph desciving the EV/Acre Emerging Australian Shale companies.
AJQ = AUD $0.5 EV/Acre versus the industry average for emerging cos at AUD $11.3 EV/Acre.
It's the most undervalued compared to its peers.
You do the maths in terms of that.
Key graph attached and report referenced here:
http://www.centralpetroleum.com.au/files/downloads/psl_research_note_ctp_021012.pdf
ev/acre emerging australian shale companies
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