Gas project value - Petra -14-25cps just on Gas project based on recent transactions

Petra put out a note last night regarding the gas acquisition. See extract below. Note that the valuation doesnt take into account infrastructure in place.

Vertical integration provides gas supply security at
unrivalled acquisition cost
• QPM is acquiring 100% of the MGP in QLD’s North
Bowen Basin with 2P Reserves of 240PJ, current
production of 10PJ per annum, and all infrastructure
already in place for gas transportation to site (Figure 2).
• Production from MGP will provide supply security, and
a relatively cheap source of gas, for the TECH Project.
• QPM will net A$30m cash from the deal to cover
existing Arrow/AGL contractual commitments.
• QPM’s acquisition cost of -A$0.12/GJ is unrivalled;
recent peer gas M&A deals – WGO, NWE & SXY - were
valued at A$1.16 – 1.99/GJ of 2P Reserve (Figure 3).
This implies a look through value of A$278 – A$477m
or A$0.14 – A$0.25/sh for QPM’s MGP.