valuation question, page-18

We dont know size of resource so applying a 10 PE is very generous. Nor do we know what price the gas will in fact be sold at. Potentially much lower prices in the domestic market. I'm attributing a miniumum of $20m until we know more.

I'm hoping the resource will be much larger than orginal estimates - signs suggest this to be the case - and that KEY can earn the so-termed industrial price for its gas. I kind of think it's not silly to think there's at least 50% chance of the ultimate NPV being more like $40m but I'm not banking on more at this stage