Ok, so KAR has 0.9 TCF across their producing and discovered...

Ok, so KAR has 0.9 TCF across their producing and discovered fields, valuing them at $1.58B.




Let’s use this as a baseline to see what our minimum upside is, shall we?

Let’s say we only convert our currently booked .365 TCF CR at Grandis into reserves - that is about a 3rd of what KAR has. Puts us on $500M value if you really want to compare.

That’s about 6x our current SP - so 42c / share

Note: this is the CR we booked before even starting the Grandis project and realising the upside evidenced in the updated prospective resources. I think based, based on the example of KAR you provided and where we are at with Grandis - comparing apples with apples - we should see a SP much higher than 42c.