True an proven reserve I guess should give a baseline value then...

True an proven reserve I guess should give a baseline value then upside from any prospective and contingent resources. I was focused in on that 500bcf comment Renergen has reserves from only a small part of its landholding too thus far.

IVZ
500bcf nat gas at US$2/mmbtu hypothetical reserves
AUD250m market cap
** Obviously an unknown how much IVZ can prove up into reserves could be many TCFs

Renergen
407bcf proven nat gas reserves at US$20/mmbtu in the lucrative South African market
13.6 helium proven reserves at avg let's say US$500/mcf

So if my maths are right IVZ would need 7.47tcf of nat gas at US$2/mmbtu to match the value of Renergen's already proven reserves of nat gas and helium. Noting Renergen might still be only AUD400m market cap given its pre-revenue with its micro pilot plant about to start and large Phase 2 plant still about 3 years away.