over 1000m of gassy shale

Totally understated update. 3500 vertical feet of shale in first well is huge. The thicker the shale the greater the potential productivity, particularly given the previously sted "overpressure" and naturally fractured nature of the shale. This has been replicated or bettered by the second well.
The detail is sparse, but to gain better perspective on this, a comparison to Beach Energy's Cooper Basin shale results is handy...& revealing. Beach this week booked an initial 2 TCF contingent resource for its initial two exploratory vertical (only) wells. This resource estimate refers (only) to approx 400m of shale strata .. though this was regarded as an immense thickness by Beach, and within the industry generally, Cuadrilla's shale thickness dwarfs this.
Beach notes that the 2TCF (~ 330 million boe) is a conservative initial booking; that not all potential gas bearing regions within the wells are included; and that an area of only 100km2 around the first two wells is factored in.
I advise reviewing some of Beach's presentations. AJL could take a leaf from their book regarding PR....we'd likely be closer to $10 if they provided similar detail...if we were actually trading of course.

It appears likely that AJL net resource in the UK-only will be multi-TCF. Add to that the premium gas prices available in Europe (2 to 3 times that available to BPT in Oz currently;and also AJL's other substantial European shale assets.
Additionally...Today's announcement included reference to Cuadrilla's gas plus condensate discovery in Hungary (with commercialisation likely later in the year). This was a huge disclosure, though included more as a footnote, that hints as to the substantial inherent value lurking within the AJL stable..
Raving