reserves pricing

If WCL is successful in acquiring Anglo and Mitsui assets they will get "Gas reserves of up to 62 PJ (1P), 212 PJ (2P) and 514 PJ (3P) to be acquired"

So WCL already has 211pj of Cert 3P reserves.
So WCL will then have 62 PJ (1P), 212 PJ (2P) and 725 PJ (3P)((514+211)).
WCL m/cap $55m + $80m p/price = $135m.
So on 3P alone - $135m / 725pj = 18.6c per gj ! That seems cheap?

BOW's current reserves are 1447 3P. m/cap about $375m. So $375m / 1447 = 26c per gj !
ESG current 3P reserves are 1273pj. m/cap about $714m. So $714m / 1273 = 56c per gj !

So one can see that WCL must be undervalued.
I know there are other issues eg prospectivity, 2P vs 3P, GIIP, flow rates, access to market etc - but one can see that WCL purchase looks good, and very cheap!
It also gives us the view that the SP undervalues WCL and its reserves.
Also, if WCL does not get the two ATPs, then the p/price drops to around the $50m, and the price per gj of cert reserves goes even lower, and WCL looks even cheaper!