STO has farmed into Pn'yang as part of the PNG-LNG...

STO has farmed into Pn'yang as part of the PNG-LNG expansion.
They are paying just under USD$0.30 / mmcf for a 14.30% share of the 4.4TCF Pn'yang.

Using this implied value / mmcf to value HZN's northern permits (closest to the (proposed) P'nyang-PNG-LNG pipeline, we get the following table.
I have split the valuation into Elevala-Ketu-Ubunto and Stanley due to the shadow hanging over Stanley at the moment.

.
.700

1		STO-Pn'yang	Total	TCF	USD$ / mmcf	AUD-USD
2	STO-Pn'yang	Total	TCF	USD$ / mmcf	AUD-USD	$0.700
3	14.30%	$187.00	4.40	$0.297	Shares Millions	1,605
4	HZN	BCF	Implied Value USD$M	Implied Value AUD$M	AUD/Share
5	Elevala Ketu PRL21	371	$110.3	$157.5	$0.098
6	Ubunti - PRL28	24	$7.1	$10.2	$0.006
7	Sub-total	395	$117.4	$167.7	$0.104
8	Stanley-PDL10	110	$32.7	$46.7	$0.029
9	Total	505	$150.1	$214.4	$0.134
10	Osaka FID				$0.120
11	PNG TOTAL				$0.254
12	China and NZ				$0.190
13	TOTAL				$0.444