will this follow qgc, page-4

In 2009, BG paid for Pure $1 Billion. Pure had booked 3P reserves of ~2500PJ (P2: 400PJ).

Now, Senex is shooting for 100Tcf, which is ~100000PJ. Lets be conservative and assume they find 10% of that and half of that again goes net to SXY. Means the shale gas would still constitute value of around of $2billion; e.g. ~$2 per share.

That doesn't account for the Cooper oil (around 6.9mmbl*70= $480mil net) and the Queensland CSG (3P currently 250PJ; going by the Pure deal above worth around $100mill, but these figures are still rising). This discounts for various smaller assets.

So based on these numbers, SXY may be worth around $2.5 bill; eg. with 935mill shares (fully diluted) = $2.67.