Hi LOTM,
I have to admit I'm not across O&G technical details.
My possible valuations for PANR/AXT are focused around PANR's net resource x in ground price per barrel.
It's rough and it's basic, but after watching JC's interviews it seems that the play is to cash out by selling the in ground resource rather than drill out the tenements completely.
Cheers!
Substantially Undervalued, O&G Situation in play, page-139
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