Did I read MEL figure they have a gas reserve in the Clarence Morton Basin of 24,000 PJ?
Perhaps that is GiP and only 20-50% can be recovered?
Recent CSG company valuations have been around $0.50/GJ on a P3 reserves basis I think. As 1 PJ is 1,000,000 GJ, each PJ of P3 reserves is worth $500,000 on a takeover basis.
In a soon to be rising east coast gas market, a reasonable mid term price for gas might be something like $7.00/GJ or $7,000,000.00/PJ.
So, at 20% recoverable from 24,000 PJ GiP, the gas would have a sales price of:
0.2 x 24,000 x 7,000,000 = $33,600,000000.00 and on a P3 valuation MEL should be capitalised at 0.2 x 24,000 x 500,000 = $2,400,000,000.00.
At 50% recoverable from 24,000 PJ GiP the sales value of the gas would be $84,000,000,000.00 and MEL should be capitalised at $6,000,000,000.00
Whether or not a corporate play was clever enough to launch a low ball t/o for MEL, would the Fed Govt permit such an undervalued transaction in terms of national interest
Surely not !
Dex
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Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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No. | Vol. | Price($) |
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14 | 32360499 | 0.002 |
7 | 64703690 | 0.001 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
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0.004 | 9266813 | 12 |
0.005 | 4954391 | 5 |
0.007 | 100002 | 1 |
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