Agree All this is simply icing but we are starting from a point...

Agree
All this is simply icing but we are starting from a point where reserves are undervalued. Then we add the realistic upside of the conversion of some of the conventional gas resource. The shale gas has a long way to go but the size of the opportunity is immense, that's why just for fun I suggested doing a calf on just 10 percent of the projected in ground resource. bPT also ae talking about a huge resource and big revenue to make it happen so I really can't relate this story to the CTP story .
Why did I use 50 boe. No reason other than the huge difference between east and west gas prices. A 33 percent premium over current low east coast prices is very realistic.
The 100 million figure is used was your 61 millim per annul x 1.33. Ok I admit its closer 80 than to 100 million that's alot of extra cash flow with limited capital expenditure. Then you have the added benefit if the price being linked to the oil price which is even better. So in summary we have in my view three levels of value
1 66 million barrels plus infrastructure and cash worth about 85-90 cents
2 Convential gas resource to be converted between 10-1 dollarIMO. More likely to be incremental additions to add to and replace reserves
3 shale gas resource value zero - 2-4 dollars. At this stage we should place a small value only on this, after today's announcement maybe 15 cents per share. The irony is the shale gas may infact provide better chances for BPTs real assets to be valued closer to their value.
3 share