"What is the upside? GLL plans to book a potential 500 PJ of 2P reserves from the current Glenaras gas project. Using the lowest recent industry 2P reserves transaction multiple ($0.44/GJ) would imply a value GLL of around $1.16/share. We note that some of GLL’s east coast gas explorer peers trade at over $1.20/GJ on a 2P basis"
