the broker/analysts value kurnia undeveloped inground P50 gas reserves at 35c to 40c/mcf which sounds low but reflects the PSC terms
Ngrayon target estimate is 256BCF
COE equity 30%
~155mil shares
so
256 x .35 x 30% =$27mil or 17cps
if they find a decent gas column it will be interesting if they do DST's at setting the next casing string.
I would guess they need at least 5mmcft/d for commerciality......which is what Veritas said was needed for Gurame which is closer to infrastructure
if its wet gas, then the equation changes
the speculator, page-19
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