Ann: JW Powell Well Fracking Operations Complete, page-31

Not sure I follow your numbers.

FPL is capped at say $10m diluted, as the in/on money options provide cash, so lets just use $10m EV
so they'd only (lol) need $1m NPAT to be on a 10x PE

Are you saying $3m "revenue"?
I reckon they'd have to make $10m revenue or be near 800 boepd (8x current levels)
But given nature of these wells, and stage, you'll never get a PE for years as capex would need to be plowed back into feild.