GdayA BOE made up from gas is worth approx $16, a BOE from oil...

Gday
A BOE made up from gas is worth approx $16, a BOE from oil is worth approx $110. and yes the companys love to use BOE as it makes them look more successful.

As for the PE you cannot ascribe a PE value of 10 based on initial production of 1 well that is unlikely to earn that much money in the next 20years. A PE of 2 I suspect is the top end for what I would think each well would be worth based on the flow rates suggested, multiply by the number of wells coming online, bearing in mind that production rate declines so initial production may be significantly different to end of year production.

In saying that pe ratios are probably not a great way to value a small exploration company.

cheers