Great post @gerfovitch.I might differ on some assumptions but...

Great post @gerfovitch.
I might differ on some assumptions but fully encourage putting a valuation model out there.
Re SE, I think the valuation only depends on time to production and chance of success.
In 2025 the asset may be worth $1,000m (say). Time delay of 2-4 years is not important if using a low discount rate.
Today's valuation is then based on probability of future success. We do not need to wait until production to see an increasing COS.
EW 3, 4 and 5 will support the concept of the gas fairway.
The SE 1 hole will improve COS if successful.
SE2, 3 and 4 will improve the probability to near 100% maybe a year before production starts.

For most small explorers factor in the management's ability to raise cash and sign great GSA's. Usually a negative but not with this board.

My DCF calculations vary as much as the assumptions, but the dividend stream could be substantial, skewed to the upside.
Remember any suitor will be doing the same calculations. Their offer will be based solely on their predictions of future income stream. If their internal geologists are confident of success in SE and beyond they will be willing to pay more than current shareholders calculate as fair value. A sale will follow.