Not sure why you would use a PE of 8-13. Looking at comparable companies, GOR has a PE of 22, same with EVN.
NST (not a comparable) has a PE of 53.
So if you use a PE of 22, then you are looking at a SP of approx 40c - 76c. I certainly see a potential of Red seeing a 2 in front of its share price sometime this year.
Hedging, page-19
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