780m shares in issues after RI, SP is 3.1pWhich gives Range a...

780m shares in issues after RI, SP is 3.1p
Which gives Range a market cap of 25m / USD$39m

Gas at US$5.481 per mmbtu;
Which gives $5.4m per Bcf;
Of which 25% goes to Range;
So $1.4m or 900k per Bcf to Range
Deduct 25% premium for taxes and onstream costs;
So $1.12m or 720k per Bcf

35Bcf is needed to value Range at just over 3p (25m / 720k)

Using 720k per Bcf as a guide and 50% recoverable.

Value / shares in issue = SP (crude but for for arguments sake)
108m / 780m = 13p for 300Bcf without accounting for oil
72m / 780m = 9p for 200Bcf without accounting for oil
26m / 780m = 3.3p for 100Bcf without accounting for oil