Ann: Highest Waitsia flow rate to date - 90 MMscf/d at Waitsia-4, page-18

It doesn't work like that. As I said before you need to subtract costs from revenue - it doesn't come out of the ground for free. Operating costs, capital costs, depreciation, admin overheads and salaries, interest payments, royalties, corporate tax. That all totals to several dollars per GJ at least.

On top of that you need to consider time value of money which lowers the value even further, particularly for long-life assets like gas fields.

All that boils down into a Net Present Value or NPV which is the value you want. A good rule of thumb for conventional onshore gas is an NPV of around $1 per GJ of 2P. So far Waitsia which has 400 PJ of 2P that would be around $400M value.

Then you need to consider the rest of the business - AWE's net debt, and the value of its Bass Basin operations, including its rehab liabilities. All in all AWE's fair value IMO is around 80c to $1 per share, with further upside in the Perth Basin likely.