new strachan report 19 may, page-3

Great report from stockanalysis.
The only thing I would disagree with is their value compared to ADI.
"Applying a look-through value, implied by AWEs bid for Adelphi, of 70 cents per Mcfe or A$4.20 per BOE of contingent reserves to Texons Eagle Ford Shale and
Olmos oilfield, produces a value for Texons interests of $0.94 per share for just those assets."
If you add up the BOE for Olmos and EFS, 5.2 and 37 million BOE = 42.2mmboe, multiply by the $4.20 = $177.24m
If you then divide by number of shares issued 134.5m = $1.32 . If you add the options (exerciseable between 50c and $1.00), it still gives you a value of $1.15 per share.