what does qpn need for a $100m market cap

QPN are hopefully about to spud and from what I have read here and elsewhere, there is a lot of optimism about them striking oil or gas, because of the proven oil producing nature of the region.

At the current share price of .8c they have a fully diluted market cap of $22m.

I've seen share price predictions for 5c elsewhere. Even 4c would provide a market cap of $110m, ignoring any upcoming dilution. That's a fairly decent company value for an explorer in its early days and while I realise that different fields and locations have different values, there are producing companies that have lower valuations.

My belief is that a share price between 2.5-3c would be fair on a first hit, which is still a great gain, but I am interested in seeing if there is a consensus view of the value of success with the first drill at Ranau and what that value is.

I do believe that they have a much better than usual chance of success given the basin, the previous "oil seeps" and the contacts. In fact I think that with the contacts they have, there is a good chance of being able to drill in a spot that they know has oil or gas.