We must also bear in mind these valuations (160m for licences...

We must also bear in mind these valuations (160m for licences gdf farmed into and 125m, 22m net to dart, for total deal) have all uncertainty due to actually making a profit from the licences priced in. I.e They are heavily discounted.

As soon as any factor that represents some of this uncertainty is resolved (e.g by drilling and testing, by further UK govt support, rulings on pesky greenies), the value gets re-rated for the reduced risk. 10x values a potential.

That's why some of the majors are getting in early while still cheap. 24 months down the track prices paid for these deals could well be many multiples of what we have seen. DTE having good skin in the game and getting projects fully funded until uncertainty is removed and values re-rated is great.