The Australian, page-7

That's USD$1bn of EBIT = AUD$1.35bn

I know there are regular updates of valuations by the more informed here, but back of the envelope calculations (please correct me if I am misguided on any of these):

Magnolia @ 8 mtpa = AUD$1.35bn * 60% to LNG = AUD$0.81bn
Bear Head @ 12 mtpa = AUD$2.025bn
Total = AUD$2.835bn EBIT

~465 million shares = AUD$6.09 EPS
At a P/E of 10, this results in a share price of AUD$60.90 at full production.
At the touted MLP P/E of 15, it becomes AUD$91.35.

Obviously there will be some dilution of this due to capital or debt raising, but still a long way from $4.80 as we currently stand.

Has there been any word on the new Foster's report? Interesting to see how much less conservative their valuations are now.

Also, I'm not a tax expert, but wouldn't we have a lot of losses to carry forward into the first year of revenue?