ST Target 0.08, page-8

If we can flow gas to surface at commercial levels at Grandis you can apply the $1B per TCF rule. If we can get a reserve booking of 1.7 TCF recoverable, that would equate to $1.7B USD. Convert that to AUD and that’s about $2.75B AUD.

With a current 1.1B shares on issue, that would equate to about $2.5/share for Grandis. That is the objective value, not saying share price always reflects true value.

You can apply the same principle to Mongolia, albeit at a bit of discount considering there is zero distribution infrastructure at this moment in time.