I think its more like $3 million per Pj-given PES have shown...

I think its more like $3 million per Pj-given PES have shown they are able to get high flow rates at ATP 852 and much of this 3p figure should eventually move into 2p.

The recent ORG/conoco deal valued their 2p at $4 per pj

A gigajoule = one million PJ and the wholesale price of a Gj is above $3.50 and more in NSW.

Doing the math you get a value over $3 billion ,but even discounting the 3p figure by 60% , PES is worth over billion.