shrewd crude report valuation, page-15

Norwest Energy has a net to them of 2543 sq klms of permits in the North Perth basin. (page 5 of the O & G Conference report released to the ASX.) Over their entire permit area.
This is equal to 254300 hectares of EL area or 635750 acres. A production well for shale gas takes up approx 80 acres, so if the shale was over the lot of the area then they would have the potential to drill 7946 production wells. That is net to NWE.
So to calculate for 375 production wells is not in my opinion eroneous as it is only 4.72% of the entire area.
Seismic data shows that the shales exist of much of the north perth basin so I reckon that it is pretty right.
The time that it takes to bring this online is another question as there are a lot of issues to overcome.

The reason that I asked Shrewdcrude to do the calculation is because there are a lot of people reading the NWE post with no idea of the value of this stock.
These calculations are not extreme, they only seem so at this point in time as people come to grips with the value of the Shale gas which is locked up in the ground in WA. The same was the case when Lang Handcock started telling the world about the Iron Ore.

Some people need to open up their minds and see the bigger picture.