Ann: Palm Valley PV13 Encounters Strong Gas Flows, page-58

Hi Bruce,
Another way to skin a cat with resource companies, rather than to value them on an NPAT or P/E multiples, is a simply NPV of the future sales based on reserves and likely reserves outcomes and some broad predictions of the market conditions.

In my model ive got a few different price points for profit based on global outlook etc
and $40m exploration over and above that included in the projected profit (see debt row)

Now this is rough as guts I know but its better than just saying $2

NPV of $418m correlates well with your $400m-$500m mcap