Hartleys Research, page-5

Ghp, they are largely using the US as an indicator of well progression. The rule of thumb in the US is that it takes about six wells to get design/performance optimisation so one might expect more improvement in the next stage.

Interesting to note for all Hartleys conservative valuation approach they say RLE's gas would be valued at $294M based on historic comparable market multiples for 2C/3C gas of peers. This compares to their conservative valuation of $44M. ie $1.06 verses 16c.

This is not unlike the recent valuation treatment by both Stock Analysis and Breakaway Research. Both valued at a lesser level to market values they also quoted.

When this project is announced as commercial and new reserves and upgraded resources are announced I fully expect it will not take long for the market to put at least some value on the full resource based on the similiar geology across the permit.