PAC PARTNER JULY23 REPORT, page-33

The share price on current delayed discovery coming up which is based off STX, WGO and Reacon Africa discovery is $1.50-$2 share price.

The discount PAC is applying of 1/4 on the $1.38 price target because they think 25 percent of the gas only making it to market is a complete guess and beach energy, nor STX and neither was Reacon Africa ever priced like this. Reacon Africa right now is a 300 million market cap and have nothing but a 20tcf potential but neither a discovery delayed or de risked like IVZ

Conclusion is 650 million market cap per 1 tcf. We have a 20tcf resource excluding oil and helium